Precious metals are those that trade at a high cost per ounce and are considered investment metals. Fine jewelry is made of precious metal, typically gold or silver, but sometimes platinum. The industry is also starting to use palladium in jewelry making.
The definition of precious metal changes over time. Gold and silver were once the only metals considered precious. At one time, copper and aluminum were classified as precious metals. As mining methods improved, the price went down and they were no longer considered precious.