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Heating a permanent magnet causes vibration of magnetic dipoles, so their alignment in one particular direction is lesser so loss of magnetic behaviour.
Due to Excessive heat atoms move more rapidly, and started disturbing the magnetic domains. As the atoms are speed up, the percentage of magnetic domains spinning in the same direction is decreases. This lack of cohesion weakens the magnetic force and eventually demagnetizes it entirely.
In contrast, when a magnet is exposed to extreme cold, the atoms slow down so the magnetic domains are aligned and in turn it becomes, strengthened.