Precious Metal

Precious metals are rare, naturally occurring metallic elements with high economic value, often used in jewelry, coins, and investment.

Part of speech: noun
Definition: Precious metals, including gold, silver, platinum, and palladium, are distinguished by their rarity, durability, and inherent value. These metals do not corrode or oxidize easily, making them ideal for crafting fine jewelry and goods intended to last or preserve value over time. Their scarcity and the labor-intensive processes required to mine and refine them contribute to their high perceived value. Historically, precious metals have played a pivotal role in economics, serving as currency and a steadfast investment to hedge against inflation. Today, beyond their use in luxury goods and monetary systems, they're crucial in various industrial applications, including electronics and catalytic converters.