Precious metals are naturally occurring metals that are relatively rare and difficult to find. The rarity of precious metals has traditionally given them a high economic value throughout history. Precious metals are valued for as investments, art, jewelry, and commodities. These metals possess high luster and are usually ductile. Thus, they tend to be less reactive than most elements. Precious metals are primarily regarded as investments and industrial commodities. Platinum group metals and gold are some of the prominent precious metals. Coinage metals such as silver and gold are consumed in industrial applications. These metals are known for their usage in jewelry and art.
The precious metal market can be segmented based on type, end-user industry, and region. Based on type, the precious metal market can be divided into rhodium, platinum, gold, ruthenium, iridium, osmium, palladium, rhenium, silver, and indium. Based on end-use industry, the precious metal market can be segregated into automotive, electronics, jewelry, chemicals, and others. Precious metals such as gold are widely utilized as investment options due to its esthetics. Gold is used in stock market as commodity for conducting financial transactions. Palladium is largely employed as catalytic converter in the automotive industry. It is also used in the manufacture of electronics. Furthermore, it is used in making surgical equipment.
One of the major restraints of precious metal is maintaining the shiny luster and its color. Precious metals become impure if they are not appropriately polished. They lose their luster, thereby making them dull. Precious metals is a capital intensive business. Thus, new technologies and innovations are emerging to improvise the quality of precious metal and lower its costs.