Most Expensive Metals in the World 2026: Prices Ranked

As of October 2026, the most expensive metal in the world is rhodium, at about $8,850 per troy ounce on 14 October 2026, according to Kitco. Iridium is close behind at about $8,450, followed by gold at around $4,144. All three cost far more than platinum, palladium or silver.

Metal prices change every day. They depend on how rare a metal is, how hard it is to mine and refine, and demand from industries such as car making, electronics and clean energy. The prices below are the latest we could find from public price services, with the date for each.

1. Rhodium: $8,850 per ounce

Rhodium is a silvery white platinum group metal. It is extremely rare and is produced mainly as a by product of platinum mining in South Africa, which supplies most of the world’s output. Russia and North America produce smaller amounts.

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Most rhodium goes into catalytic converters, where it cuts harmful nitrogen oxide emissions from petrol engines. It is also used as a reflective, hard wearing coating on jewellery and mirrors. Because the market is small, its price can move by thousands of dollars in a short time.

2. Iridium: $8,450 per ounce

Iridium is one of the densest metals and the most corrosion resistant metal known. Like rhodium, it is mined mostly in South Africa as a by product of platinum.

It is used in spark plugs, crucibles for growing crystals for electronics and, more recently, in electrolysers that produce green hydrogen. Annual supply is very small, so new demand pushes the price up quickly.

3. Gold: $4,144 per ounce

Gold is the best known precious metal and the most widely traded. Its price was about $4,144 per ounce on 15 October 2026, more than three times its level of about $1,285 when this article was first written.

Central bank buying, investor demand and economic uncertainty have driven the rise. China, Russia and Australia are among the largest producers. Most gold is used for jewellery, investment bars and coins, and central bank reserves, with a smaller share in electronics.

4. Ruthenium: $1,850 per ounce

Ruthenium is a hard, brittle platinum group metal. It is produced mainly in South Africa and Russia alongside platinum and palladium.

It is used in computer hard disks, electrical contacts and chip resistors, and it is added to platinum and palladium to make them harder. It also has growing uses as a catalyst in the chemical industry.

5. Platinum: $1,605 per ounce

Platinum is a dense, stable precious metal mined mainly in South Africa and Russia. It is used in catalytic converters for diesel engines, in jewellery, in oil refining and in fuel cells.

Platinum traded at about $1,605 per ounce in mid October 2026, which put it above palladium. The two metals have often swapped places in price over the past two decades.

6. Palladium: $1,099 per ounce

Palladium is a platinum group metal used mostly in catalytic converters for petrol cars. Russia and South Africa are the main producers.

Its price peaked above $3,000 per ounce in 2022 during supply worries, then fell as the shift to electric vehicles reduced long term demand. It was about $1,099 per ounce on 15 October 2026.

7. Silver: $56.39 per ounce

Silver has the highest electrical and thermal conductivity of any metal. More than half of demand comes from industry, including solar panels, electronics and medical products, with the rest from jewellery, silverware and investment.

Silver was about $56.39 per ounce on 15 October 2026, close to four times its level of about $15 when this list was first published. Mexico, China and Peru are the largest producers.

8. Indium: about $796 per kg

Indium is a soft, silvery metal that makes a high pitched sound, often called a “cry”, when bent. It is used mainly as indium tin oxide, a clear conductive coating on touchscreens, flat panel displays and solar cells.

China is the largest producer. Indium is sold by the kilogram, and the price was about $796 per kilogram in late August 2026, or about $25 per troy ounce.

9. Osmium

Osmium is the densest naturally occurring element. It is extremely rare and is recovered in tiny amounts from platinum ore. It is used in fountain pen nibs, electrical contacts and some instrument pivots.

There is no public exchange price for osmium. It is sold by specialist dealers, often as crystals for collectors, and prices vary widely. Osmium powder can form a toxic oxide in air, which limits its use.

10. Rhenium

Rhenium is one of the rarest elements in the Earth’s crust and has one of the highest melting points of any metal. It is produced as a by product of copper and molybdenum mining, with Chile the largest producer.

Most rhenium goes into nickel based superalloys for jet engine turbine blades. It is sold under private contracts, so there is no daily public price.

11. Scandium

Scandium is a light, silvery metal often grouped with the rare earth elements. It is found at low levels in many ores but rarely in amounts worth mining on their own.

Small additions of scandium make aluminium alloys much stronger, which is useful in aerospace and sports equipment. It is also used in solid oxide fuel cells. Like rhenium, it is sold mainly through private contracts.

How we ranked these

We ranked metals with a public market price by their latest price per troy ounce, using Kitco and Daily Metal Price in October 2026. Indium is converted from its kilogram price. Osmium, rhenium and scandium are listed last because they have no reliable public price. For other precious items, see our list of the most expensive coins.

Sources: Kitco: precious metals prices, Kitco: rhodium price, Daily Metal Price: iridium, ruthenium and indium.