The term "precious metals" refers to a group of metallic elements that are highly valued for their rarity, beauty, and economic value. These metals typically include gold, silver, platinum, palladium, and rhodium. They have been used as currency, jewelry, and ornaments for thousands of years due to their durability, malleability, and resistance to corrosion. In modern times, precious metals are also used in various industrial applications such as electronics, automotive parts, and medical equipment.