A precious metal is a rare natural metal chemical element of high economic value such as gold, silver, platinum, rhodium, and palladium. The notion of precious metal is changing with time, civilizations and supply and demand. A metal is considered precious if it is rare.
The most well-known precious metals are the metals used for coins, gold, and silver. Although both have industrial uses, they are best known for their uses in art and jewelry.
In other words, we are also talking about semi-precious metals for less sought-after but rare elements such as copper.