Definition & Meaning of "precious metal"

What is "precious metal"?

Precious metal refers to a group of metals that are rare and valuable. They are used primarily for investment, industrial, and jewelry purposes. The most commonly recognized precious metals are gold, silver, platinum, and palladium. They are called "precious" because they are relatively scarce and have a high economic value. These metals have unique characteristics such as high resistance to corrosion, good conductivity, and malleability, making them ideal for use in a variety of industries. They are also considered a safe haven for investors during economic uncertainties and market fluctuations. Due to their high value, precious metals are often subject to strict regulations and quality standards to ensure their purity and authenticity.