“Precious metal investors are less worried about higher inflation and more focused on the opportunity costs associated with holding a non-interest bearing asset," analyst said.

The company expects lab-grown prices to continue to decline as more supply comes into the market.

Shares surged by 15% after the company announced that it is reviewing a number of strategic approaches, marking the latest sign of rampant dealmaking in the sector.

Due to competition, winning bids often end up being over 1,000 times the starting price.

Factors that weighed in on LCM's strategic shift include Brexit and the US substantial subsidies to critical minerals and metals companies.

The benchmark October iron ore on the Singapore Exchange climbed 1.19% to $118.75 a metric ton.

The update showed a significant inferred mineral resource of 1.4 billion tonnes at a copper-equivalent grade of 0.67%.

After a hot start to the year, gold’s performance has somewhat subdued in recent months despite the usual supporting factors staying intact, namely high inflation and a bear stock market.