What is a Precious Metal?

By GovMint :

Precious metals are by definition, rare, naturally occurring metallic elements known for their economic influence. Among these, gold, silver, and platinum stand out due to their unique properties and relative scarcity. Historically, these metals have been utilized as currency and continue to be a popular choice for precious metal enthusiasts. Beyond their monetary significance, precious metals are integral to various industries. In jewelry, they are prized for their lustrous beauty and durability. In electronics, their excellent conductivity and resistance to wear make them indispensable.

Sources Used:

https://www.investopedia.com/terms/p/preciousmetal.asp