Shenwan Hongyuan Futures: Market sentiment is disturbed, precious metals face short-term pressure

Trump says the U.S. has decided to extend the ceasefire period, but the negotiations between the U.S. and Iran remain unresolved. Iran has said it will not attend the talks scheduled for April 22 in Islamabad. Market sentiment has been thrown into turmoil, and precious metals face short-term pressure. Looking from the medium to long term, the pricing center for precious metals will continue to move upward. On the one hand, the center of geopolitical risk is rising and the restructuring of the global political and economic order is still ongoing; on the other hand, market concerns about the sustainability of the U.S. government’s fiscal policy are continuing to intensify, and Trump’s frequent interference with the Federal Reserve’s independence will also keep driving the de-dollarization process forward. Central banks worldwide will continue to increase their gold reserves. The long-term upward trend for gold remains unchanged. Silver, platinum, and palladium—whose industrial and financial attributes resonate—will follow the overall sector trend, but with relatively larger fluctuations. (Shenwan Hongyuan Futures)