Main Factors That Affect Gold and Silver Prices:

Supply and Demand:

Higher demand (e.g. for jewelry, industry, or investment) pushes prices up.

Increased mining or recycling adds to supply, which can lower prices.

Economic Conditions:

In times of economic uncertainty (like inflation, war, or recession), investors buy gold and silver as "safe-haven" assets, raising prices.

Market Speculation & ETFs:

Investor behavior, futures trading, and buying/selling of ETFs (like GLD or SLV) can drive prices up or down quickly.