Rhodium

Rhodium is nowadays considered to be the most expensive precious metal in the world. According to the latest data, 1 ounce of the metal is trading at about $4,000. Such a high cost is due to the sparse supply to the market and rather high demand for the metal. Currently, roughly 30 tons of rhodium is mined per year. This is 100 times less than gold. Rhodium is mostly in demand in the car manufacturing industry that accounts for almost 80% of demand. Rhodium is also widely used in jewelry manufacturing as a coating for white gold or platinum.

Palladium

The second place on the list of the most valuable precious metals on the planet is given to palladium. Nowadays, 1 gram of this metal costs just over $40. Palladium owes its high cost to the huge demand for it. Today, this metal is widely used as a neutralizer of toxic gases in the production of automotive catalysts. It is also actively used in electronics, medicine, and the jewelry industry. The second reason for the high price of palladium is the low supply to the market. The metal is mined in small quantities, mainly in Russia and South Africa.

Gold

Gold, one of the most traded precious metals, is ranked third on the list. Gold has proven its utility in a variety of industries, including jewelry, electronics, and even aircraft manufacturing. Besides, gold is commonly viewed as a safe-haven asset for investments, especially in times of economic turbulence. The safe-haven status accounts for its buoyant demand and, in turn, pushes up the gold value. At present, gold is trading at levels slightly more than $1,920 per troy ounce.

Iridium

The fourth rank on the list of the rarest metals on the planet goes to iridium. Only 3 tons of iridium are mined annually in the world. No wonder, it is valued so high. Today, 1 ounce of this precious metal costs $520. Iridium is extremely durable and corrosion-resistant, making it irreplaceable in the automotive industry. Besides, this metal is actively used in the chemical industry, medicine, jewelry, and watch industries.

Ruthenium

Ruthenium closes the rating of the top 5 precious metals. It belongs to the group of platinum metals and is considered one of the rarest elements on Earth. Today, the main suppliers of ruthenium are Russia, South Africa, and Canada. Since the process of its extraction is very labor-intensive, the metal is supplied to the market in very small quantities, which contributes to its steady rally. This precious metal is currently trading roughly at $460 per troy ounce. Ruthenium is used in electronics and the jewelry manufacturing industry.