Record zinc prices have encouraged mining companies to boost output.

The European Commission is also expected to propose banning most Russian trucks and ships from entering the bloc.

Russia supplies about 10% of the world's nickel.

The question of what happens to Russia’s metal exports is of vast consequence to global markets -- it’s a key supplier of palladium, nickel, aluminum, steel and copper.

Poland signaled that it wants to use coal to produce electricity after 2049 to bolster its energy security.

Inflation looks set to remain elevated, which could continue to support the gold price, analysts told Reuters.

The Financial Conduct Authority will review the suspension and resumption of the nickel market last month.

The exchange suspended nickel trading on March 8 after prices spiked by more than 50% to hit $100,000 a tonne.