Precious metals are naturally obtained from earth extracts. These are metallic elements having high economic value and are very rare. These elements are spontaneously reactive and characterized by the high luster. Precious metals are primarily used as industrial raw materials and for investment purpose. These metals also possess ductile property. However, gold and platinum are considered to be most precious metals in this category. Gold, silver, and coinage are mostly used in the making of ornaments, arts, and coinages. Another branch of the precious metals is platinum group metals including iridium, ruthenium, platinum, palladium, osmium, and rhodium. Globally, platinum is highly traded.
The demand of the precious metal depends on its store and investment value. Increasing demand of the precious metals such as gold, silver, and platinum by the investment point of view will drive the global market in future. In addition, increasing use of palladium and platinum metal in electric vehicles industry will also impact the market positively. Moreover, rising demand for making artistic work and ornaments further boosts the market growth. Precious metals are also sold in stock exchange markets linked with declining share prices; this in turn is anticipated to boost the market growth. Government restriction over mining and rare availability of the coal, gold, platinum, and silver may hamper the market growth in the near future.
Precious metals market is segmented based on type as gold, silver, platinum, and others. Of which, gold is dominating metal segment across the world. While silver is the second leading market globally. Further, the global precious metals market is geographically segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions mostly dealing in gold bars may foster the demand of precious metals in market.
Source: Military Technologies