A metal that occurs rarely in nature and also has a good economic value and is additionally, not a radioactive element can be termed as a precious metal. Usually, precious metals are not as reactive as other elements and they also have higher melting points than the usual metals. In ancient days, the precious metals were used as coins for currency. The precious metals known for their high value are gold, silver, platinum and palladium.

The palladium precious metal, which is silvery white and lustrous in appearance, was first seen by William Hyde Wollaston. The name is derived from the asteroid Pallas. Rhodium, osmium, ruthenium and Iridium along with palladium form the platinum group of metals as they show characteristics similar to the precious metal platinum.

The precious metal platinum is a dense gray-white transition metal and is one among the rarest elements found on the earth’s crust. It is usually found as ores of nickel and copper and is mostly seen in South Africa which has almost 80% of the world platinum production. It does not corrode easily even when heated to high temperatures and hence it is also termed as a noble metal. Thus, it is usually found in its native state. The precious metal platinum is usually seen in the alluvial soils of river banks and was initially used for producing artifacts.

Both the above precious metals can be used to make electrical contacts, catalytic converters and also in dentistry and as jewelry. Their scarcity makes them very much in demand and it is also used in a number of industrial applications. For instance, the precious metal platinum is found in electrodes and also in resistance thermometer. A Platinum compound, Cisplatin is made of use of in chemotherapy as it can help to combat certain forms of cancer.

The precious metal platinum is a shiny, silver-white metal and is used in jewelry because it has a good resistance to wear and tear and does not tarnish easily. It has very good electrical properties as well and is therefore ideal to use in industrial applications.