Precious metals: beyond the bling

Implants, catalysts and wedding rings: things that could not be more different. However, they do have one thing in common: the use of precious metals. Gold and platinum are among the most technologically critical precious metals on our planet. They fulfil important functions in industrial processes, in electronics and in the jewellery industry. Despite their similar chemical stability, they differ significantly in terms of extraction volume, price and machinability.

Every year, mining companies produce around 3,660 tonnes of gold worldwide. Countries such as China, Australia, Russia, Canada and the USA are driving this production, ensuring a high level of availability. The global reserves of around 54,000 tonnes create additional security of supply and stabilise the market long term. Platinum is produced at a lower level: mines worldwide extract around 180 tonnes per year. South Africa supplies more than two thirds of this amount and therefore plays a key role in determining global supply. Russia and Zimbabwe supplement global production.

Rising prices
In early March 2026, the price of gold was nearly 4,400 euros per troy ounce. Investors buy gold particularly in times of economic uncertainty, which often causes the price to rise. Platinum usually remains below the price of gold, even though it is much rarer. As industry drives most of the demand for platinum, its price fluctuates more strongly and closely follows the production cycles of the automotive and chemical industries.

Gold offers important advantages in technical applications. The electronics industry uses the precious metal because it offers reliable electrical conductivity and does not oxidise, even under demanding environmental conditions. Manufacturers use gold for contact surfaces, conductors and microelectronics to ensure high signal stability and long service life. The medical sector uses gold in dental alloys, implants and diagnostic systems due to its biocompatibility. In addition, the jewellery industry continues to regard gold as the most important precious metal due to its warm colour and stability.

Industrial applications
Platinum primarily fulfils industrial functions. The automotive industry uses platinum in vehicle exhaust catalytic converters to chemically convert pollutants and reduce emissions. Chemical plants use platinum as a catalyst in processes for the production of silicones, pharmaceuticals, fertilisers and various polymers. Due to its high melting point and corrosion resistance, industry also uses platinum in thermocouples, laboratory equipment and high-temperature components. In the jewellery sector, platinum achieves lower sales volumes than gold, but customers appreciate its hardness, colour and abrasion resistance.

The machining properties of the two metals differ significantly. Gold is easy to machine, resulting in low cutting forces and minimal tool wear, while allowing the production of very high quality surface finishes with a mirror-like lustre. Goldsmiths, precision mechanics and electronics manufacturers benefit from the metal’s ductility, which enables tight tolerances and complex geometries. Platinum places significantly higher demands on machining. Its high strength and toughness increase cutting forces and place greater stress on tools. Machining generates high temperatures in the shear zone. For producing intricate shapes, companies require special tool geometries and optimised cutting parameters. These factors increase the effort and costs for producing platinum components.

Overall, gold and platinum fulfil clearly defined technical tasks. Gold supports high-quality electronics and precise applications thanks to its high malleability and conductivity. Platinum, on the other hand, is suitable for demanding industrial processes that generate high thermal and chemical loads. Due to their unique properties, both metals remain indispensable components of modern technologies.