A precious metal is a rare metallic chemical element of high economic value. Chemically, the precious metals are less reactive than most elements, have high luster, are softer or more ductile, and have higher melting points than other metals. Historically, precious metals were important as currency, but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum and palladium each have an ISO 4217 currency code.

The best-known precious metals are gold and silver. While both have industrial uses, they are better known for their uses in art, jewellery and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium and platinum, of which platinum is the most widely traded. Rhenium is a precious metal that is not part of the platinum group or one of the traditional precious metals.

The demand for precious metals is driven not only by their practical use, but also by their role as investments and a store of value. Palladium, as of January 29, 2008, is valued at $388 USD per troy ounce, which is less than half the price of gold, at $995 USD/ounce. Platinum's price of $2,032 USD/ounce is more than twice that of gold. Rhodium is usually the most expensive of the precious metals, over 4.5 times more expensive than platinum, with a current price of $7,150. However, the price of rhenium has been fluctuating wildly recently and at the moment it is selling at 342 USD per ounce ($11,000 per kilogram, 32.15 Troy ounces per kilogram, July 2008). Meanwhile, ruthenium is valued at $525 USD per ounce and silver has fluctuated as well lately, trading at $16.69 USD/ounce. Silver is substantially less expensive than all of the other precious metals, presently less than 1/50 the price of gold, but is often traditionally considered a precious metal for its role in coinage and jewellery.