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

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

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

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