Gold and silver are rare metallic chemical factors that fetch high and durable economic value. They are less reactive than most elements and are made distinct by their luster as well as their high melting points. The best known metals are gold and silver whose uses range widely from jewelry to coinage to art, as well as in the past years, happen to be recognized for their industrial significance as well. Platinum, which was basically a waste product, has become becoming one of the most widely traded gold and silver and include ruthenium, rhodium, palladium, osmium, and iridium. The character of gold and silver might be derived from the fact that they're very scarce and different among other commodities that also take into account their quality to be judged to be of effective monetary value, thus, a stride of wealth. It's also vital that you consider that not all precious metals stay precious forever. This depends on their availability and new methods for refining or even creating such. Take aluminum, for example, once hard to separate from ore, it used to be the most challenging metal to obtain despite being one of the most common. Its status, which once put it above gold, dropped significantly when an easy aluminum extraction method was discovered in the late 1800's.
Fluctuations regarding the rarity of metals depend on demand. Silver, for one is in a supply deficit, using more silver than mined, and is then projected to cost even more than gold in the near future.
Aside from rarity, other common characteristics of metals for example uses, easy storage, similar origin and historical value are considered as criteria for being distinguished as precious metals. It's also hard to deny the economic uses of gold and silver which will make them even more appealing. Finding new ways to use them increases their market value within the trade and commodity market.