European shares rebounded on Thursday, lifted by higher prices of oil and precious metals, shaking off the gloom from weaker luxury earnings the day before.

The pan-European STOXX 600 .STOXX rose 0.2% as of 0803 GMT, a day after declining 0.8%.

Investors worried about the macroeconomic environment have fled to the safe haven of gold, while silver has also climbed to new peaks on demand for cheaper alternatives to the yellow metal.

The surge in prices boosted shares of miners .SXPP, which rose 2.9% on Thursday.

Energy stocks .SXEP also gained 1.3% as oil prices climbed on concerns that the U.S. may carry out a military attack on key Middle Eastern producer Iran.

Separately, a packed earnings calendar has kept investors busy this week. U.S. Big Tech results are being parsed for clues on AI trajectory while European earnings are in focus for signs that corporate financial health can hold up even at a time of heightened trade uncertainty.

Germany's enterprise software maker SAP SAPg.DE fell 11.5% after it reported fourth-quarter revenue in line with market estimates. Deutsche Bank DBKGn.DE also lost 2% despite posting its largest annual profit since 2007.

Germany's DAX index .GDAXI dropped 0.9%. On Wednesday, the euro zone's biggest economy lowered its growth forecasts for this year and the next, citing heightened uncertainty around global trade and a slower-than-expected impact from economic and fiscal policy measures.

-Niket Nishant/Reuters