Similar to other securities like shares, commodity prices fluctuate depending on various factors:
Demand supply equation: The commodity prices rise or fall depending on the demand and supply.
Market conditions: Commodities are good used for specific purpose and the demand and price can vary due to external factors e.g. energy consumption may rise in winters or go down in specific regions due to local factors.
Global factors: Geo political factors impact commodity prices e.g. during a war energy and metal prices go up or recession can lower demand for agri products or precious metals.