Precious metals are rare metallic chemical elements that fetch high and sturdy economic value. They're less reactive than most elements and therefore are made distinct by their luster as well as their high melting points. The best known metals are gold and silver whose uses range widely from jewelry to coinage to art, as well as in the past years, happen to be renowned for their industrial significance too. Platinum, which was basically a waste product, has become becoming probably the most widely traded gold and silver and include ruthenium, rhodium, palladium, osmium, and iridium. The character of precious metals might be produced from the truth that they are very scarce and different among other commodities that also take into account their quality to become judged to be of effective monetary value, thus, a measure of wealth. It's also important to take into account that not all gold and silver stay precious forever. This relies on their availability and new ways of refining or even creating such. Take aluminum, for example, once hard to separate from ore, it used to be the most difficult metal to obtain despite being probably the most common. Its status, which once place it above gold, dropped significantly when a simple aluminum extraction method is discovered in the late 1800's.
Fluctuations as to the rarity of metals rely on demand. Silver, for one is within a supply deficit, using more silver than it is mined, and it is then projected to cost even more than gold in the near future.
Apart from rarity, other common characteristics of metals such as uses, easy storage, similar origin and historical value are considered as criteria to be distinguished as precious metals. It is also difficult to deny the industrial purposes of precious metals which will make them much more appealing. Finding new uses for them increases their market value in the trade and commodity market.