Supply and demand
The more the metal is used in industry, the more its price is affected by supply and demand. Silver, for example, is heavily used to produce batteries, superconductor applications, and microcircuits.
When there is an issue with silver mines, the supply of the metal drops, which results in the rising of its price. But when the production line is evolving and helps speed up the mining, it can bring the silver prices down.
Expansion in use
This factor is connected to the first one. When new uses are found for metals in industrial production or when the demand for the products containing metals is growing, the consequence is increased demand for the metals themselves.
Political and economic uncertainty
Gold and other precious metals are traditionally perceived as safe-haven assets owing to their long-lasting value. At times when the world economy is crumbling, and the political climate affects fiat money, investors strive to place their capital in precious metals causing their prices to rise.
Strength of the dollar
Metals have inverse dependence on the strength of the US dollar. When the USD is weak and begins to fall, the prices of dollar-denominated precious metals might rise – this is when traders and investors buy metals to keep the value of their currency capital.