Rising global demand for renewable energy is expected to drive up prices of key industrial metals such as copper and silver, as countries accelerate the shift away from fossil fuels amid geopolitical tensions.

Gold prices slumped on Thursday, as investors gauged the prospect of elevated interest rates and the inflationary effects of the U.S.-Israel war on Iran.

Gold prices advanced as investors assessed escalating geopolitical risks in the Middle East and renewed uncertainty surrounding US trade policy.

Gold recovered part of its recent losses on Friday, with investors stepping in to buy the dip ahead of closely watched US inflation figures.

Gold futures prices rose on global exchanges during the latest trading session.

Silver fell sharply, at one point erasing its two-day rebound, as the white metal struggled to find a floor following a historic market rout.

Jewellery maker Pandora is moving to reduce its dependence on silver by introducing platinum-plated products, as the company seeks to protect its business from sharp swings in precious metal prices.

Gold extended its losses on Monday after suffering its steepest drop in more than a decade on Friday, while silver fell even further, reversing a record-breaking rally that many traders said had moved too far and too fast.

Gold and silver reached record highs on Monday, while most stock markets declined, following renewed trade war fears triggered by Donald Trump’s threat of tariffs against several European countries over their opposition to the U.S. purchase of Greenland.

Silver surged above $90 an ounce for the first time, while gold edged close to a record high, as criticism of the Federal Reserve, expectations of additional U.S. rate cuts, and a tense geopolitical environment fueled a strong rally in precious metals.