Supply and demand
The more “industrial” the metal, the more its price is affected by supply and demand. Silver, for example, is heavily used to produce batteries, superconductor applications, and microcircuits.
When a problem in silver mines arises, the supply of the metal lowers, 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 people find new uses for metals in industrial production or when the demand for the products containing metals is growing, it causes the growth in the demand for the metals themselves.
Political and economic uncertainty
Gold and other precious metals are traditionally perceived as safe-haven assets for their long-lasting value. When the world economy crumbles and the political climate affects the fiat money, investors strive to put 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 starts to fall, the prices of dollar-denominated precious metals may rise - traders and investors buy metals to keep the value of their currency capital.