If we look around our house and see the things around us, then we will find many such things which are made of metal.
From the utensils kept in the kitchen to the shower used in the bathroom, From tea kettle to writing pen, From jewelry to watches to toys to keys.
Along with this, the car in which we drive, the washing machine in which we wash our clothes, the oven in which we cook, and the gas stove, cups, bottle, jewelry, and watches is all made of metals.
It would not be wrong to say that we are surrounded by things made of metal.
As you all know that all these things made from Metal make our daily life useful, and much worth it, However, Out of these, there are some selected metals whose cost may surprise you, let’s find out them, without making any further delay.
Here, now is a list of the top 10 most expensive Metals in the world in 2023.
How These Metals Are Widely Used Throughout The World
When assessing these precious metals like Gold, Silver, and Platinum from a chemical standpoint, we can see that there’s more to them than meets the eye.
These metals have a tremendous practical value, They are resistant to corrosion and are grouped with noble metals.
The properties, industrial uses, scarcity, and cost to acquire each of the metals listed below contribute to their value, making them an attractive investment.
Why These Metals Are So Expensive?
Why are some metals more expensive than others? This is partly due to the high cost of production and also to import costs.
While Platinum sold for the highest prices in the past, you’ll be interested to know that Rhodium is currently the most expensive metal in the world.
The metals Rhodium, Iridium, Palladium, Platinum, Ruthenium, and Osmium, make up the platinum group metals (PMG).
However, these metals are often extracted from the same mineral deposits and are some of the most valuable metals found on earth.
Here, we will take a look at the list of the top 10 most expensive metals in the world in 2023.
Top 10 Most Expensive Metals In The World
1. Rhodium (Rh) – $535.31 per gram
2. Scandium (Sc) – $270 per gram
3. Ruthenium (Ru) – $87.57 per gram
4. Palladium (Pd) – $84.81 per gram
5. Gold (Au) – $57.45 per gram
6. Rhenium (Re) – $41.47 per gram
7. Platinum (Pt) – $33.57 per gram
8. Osmium (Os) – $31.1 per gram
9. Iridium (Lr) – $18.34 per gram
10. Indium (In) – 1-5 per gram
1. Rhodium (Rh) – $535.31 per gram
- Color- Silver-White
- Widely Used For- As a catalyst in the making of nitric acid, acetic acid, and hydrogenation reactions
Rhodium (Rh) is a silvery-white transition metal with atomic number 45 in the Periodic table.
Moreover, In 1803, Rhodium was discovered by English chemist William Hyde Wollaston (who discovered the element palladium).
Later, He extracted rhodium from a piece of platinum ore that was obtained from South America.
This metal is highly reflective and resistant to corrosion.
So, This chemical element is the rare, most valuable precious metal found in free metal.
However, most demand for Rhodium is from the automotive industry. The alloys of Rhodium appear in furnace coils, aircraft engines, lab crucibles, etc.
The current price per gram of Rhodium is $535.31 per gram, making it the most expensive metal in the world.
2. Scandium (Sc) – $270 per gram
- Color – Silver-White
- Widely Used For- Creating high-intensity lighting and mercury vapor lamps
Scandium(Sc) is a silvery-white metal with the atomic number 21 in the Periodic table.
However, Scandium was discovered in Uppsala, Sweden by Lars F. Nilson in 1879.
It has a similar density to aluminum and has a higher melting point. Scandium breaks down to weathering and dissolves slowly in most dilute acids.
Because of its density, scandium is used in alloys to make sporting equipment like bicycle frames and baseball bats.
Therefore, Most interesting of it might have applications in the aerospace industry.
Also, It is found in Ukraine, China, Russia, Kazakhstan, and Australia.
Thus, One gram of Scandium acetate is valued at $270 making it the second most expensive metal in the world.
3. Ruthenium (Ru) – $87.57 per gram
- Origin – Silver-Grey
- Widely Used For – To plate other metals
Ruthenium (Ru) is a silvery-white transition metal with the atomic number 44 in the Periodic table.
However, Ruthenium’s discovery is credited to Karl k. Klaus in Kazan, Russia, in the year 1844.
However, nearly 20 years ago it was examined by Swedish chemist Jons Jacob Berzelius and Russian chemist Gottfried W. Osann in its impure form.
So, This transition metal is a byproduct of nickel, copper, and platinum metals ore processing.
Also, The ruthenium compound is used in electronics, fountain pen nibs, film resistors, and solar cells to turn light into electrical energy.
The major producers are the northern and the southern U.S., South Africa, Russia, and Canada.
So, Ruthenium costs about $87.57 per gram at the present. This metal is the third most expensive metal in the world.
4. Palladium (Pd) – $84.81 per gram
- Color – Silver-White
- Widely Used For – Capacitors and Connector Plating
Palladium (Pd) is a silvery-white metal with atomic number 46 in the Periodic table.
In 1803, English chemist William H. Wollaston discovered Palladium in London.
However, This dense metal is used in jewelry, electronics, laptops and mobile phones, catalytic converters for cars, dental works, jet engine parts, missile nose cones, etc.
Further, According to the Royal Society of Chemistry, Palladium’s major producers are South Africa, Russia, Zimbabwe, Canada, the United States, etc.
However, Palladium costs $84.81 per gram at present. This metal is the fourth most expensive metal in the world.
5. Gold (Au) – $57.45 per gram
- Color – Golden
- Widely Used For – jewelry and healthcare industry in a variety of forms and applications
Since prehistoric times, Gold is known by humans and treasured.
Also, there are no written records about who discovered it. We know that it could have been discovered in a riverbed.
Though, Uses of Gold are found in rockets, submarines, computers, jewelry, photography, dentistry, batteries, batteries, solar panels, etc.
However, According to the Royal Society of Chemistry, Gold is found in countries like China, Australia, Russia, the USA, Canada, Peru, etc.
The cost of gold per gram is $57.45 at the present.
6. Rhenium (Re) – $41.47 per gram
- Color – Silver- Grey
- Widely Used For – Make high-temperature superalloys, that are used for manufacturing parts of military jet engines
Rhenium (Re) is a silvery-white chemical element with the atomic number 75 in the Periodic table.
Later, In the year 1925, Rhenium is generally considered to have been discovered by Walter Noddack, Ida Tacke, and Otto Berg in Germany.
In Addition, Rhenium’s applications are used in treating liver cancer, x-ray tubes, combustion chambers, turbine blades, exhaust nozzles of jet engines, etc.
Moreover, Rhenium was named after the Rhine river from Europe.
Also, the leading producers of Rhenium are Chile, Peru, the United States, and Poland.
So, Rhenium costs about $41.47 per gram at present.
7. Platinum (Pt) – $33.57 per gram
- Color – Pale Grayish-White
- Widely Used For – Its prestige as jewelry and as a status symbol
Firstly Platinum was discovered by South American people who made jewelry from white-gold platinum but the first written account of this metal was from Julius C Scaliger in 1557.
Platinum compounds are used in lab equipment, thermometers, dentistry equipment, jewelry, and catalytic converters for cars, buses, and trucks.
This chemical element is used in electrical equipment for computer hard disks, optical fibers, LCDs, turbine blades, and spark plugs.
The major producers are Russia, North and South America, Canada, and South Africa.
Platinum costs about $33.57 per gram at the present.
8. Osmium (Os) – $31.1 per gram
- Color – Greyish-Blue Tint
- Widely Used For – Make electrical contacts, phonograph needles, and fountain pens
Osmium(Os) is a bluish-silver metal with atomic number 76 in the Periodic table.
However, This metal was discovered in 1803 by British chemist Smithson Tennant in London.
Also, Osmium is found as a trace element in alloys and platinum ores.
Therefore, Manufacturers use Osmium alloy to make fountain-pen nib tipping, instrument pivots, needles, and electrical contacts.
However, Osmium is found in Russia, Canada, South Africa, and the USA.
Osmium costs about $31.01 per gram at the present.
9. Iridium (Lr) – $18.34 per gram
- Color – Silver-White
- Widely Used For – As the second-densest known element and is highly corrosion-resistant
Iridium(Ir) is a silvery-white transition metal with atomic number 77 in the Periodic table.
In the year 1803, the English chemist Smithson Tennant, French chemists H.V. Collet-Descotils, A.F. Fourcroy, and N.L. Vauquelin discovered platinum, but credit usually goes to Tennant.
This chemical element is the second-densest element after Osmium.
Iridium is used in platinum alloys for making jewelry, pen points, surgical pins and pivots, and electrical contacts.
However, Iridium is primarily found in South Africa, Alaska, the United States, Ryan, Brazil, Russia, and Australia.
As of January 2023, Iridium costs $18.34 per gram.
10. Indium (In) – 1-5 per gram
- Color – Silver-White
- Widely Used For – Making Semiconductors and Transistors
Indium(In) is a white soft, malleable metal with an atomic number of 49.
Indium was first discovered in 1863 by Ferdinand Reich and Hieronymous Theodor Ritcher using Spectroscopic methods.
Also, This metal is gleaming and has excellent luster. Indium metal breaks down in acids.
Moreover, It is known as a “Metal Vitamin” in alloys which makes significant changes in an alloy.
However, Indium is used in the manufacturing of batteries, dental materials, electronic devices, and research.
China, South Korea, and Japan are its leading producers.
So, Indium costs around $1 – $5 per gram, counting on purity and quantity.
Also Read: Top 10 Most Expensive Water Brands in 2023
Bottom Line
However, in this article above, we shared top 10 the most expensive metals in the world in 2023.
Moreover, Can you list your five most favorite things of metals, what you love to use them, and, which one you find the most usable, or does it come in the top 1o most expensive metal’ list or not?
Do share your views and which one of them is your favorite and how you use them in your daily life, we would love to know your views.
So, hope you find this article worth it, feel free to share your recommendations and reviews on it, we would be pleased to get your views on this.
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