The most expensive metals in the world

In November 2026 the most expensive metals traded in any volume were iridium and rhodium, both at about $9,000-10,000 per troy ounce (roughly $300,000 per kilogram), with iridium slightly ahead in late October and early November. Gold came third at about $4,000-4,100 per ounce. Below the precious metals come minor metals such as hafnium, germanium and rhenium at several thousand dollars per kilogram, and the heavy rare earths terbium and dysprosium, which cost thousands of dollars per kilogram in Europe but far less in China.

Most expensive metals, November 2026

For the full list with sources and dates, see the rare earth and rare metal price tables.

Why these metals cost so much

• Tiny supply. Iridium, rhodium and ruthenium come almost entirely from platinum mines in South Africa and Russia as by-products, a few tens of tons a year, so supply cannot respond to price.
• New demand. Iridium is used in the anodes of PEM electrolysers for green hydrogen, in crucibles for growing crystals and in spark plugs, and Johnson Matthey expects iridium and ruthenium to stay in deficit. Rhodium cleans nitrogen oxides in catalytic converters.
• Export controls. Germanium, gallium, dysprosium and terbium come mainly from China, which requires export licences, so prices outside China are several to twenty times the Chinese price.
• Investment demand. Gold and silver prices also reflect central-bank buying and investment flows, not only industrial use. Gold has traded above $4,000 per ounce in 2026.

What about the "most expensive metal ever"?

Artificial radioactive isotopes such as californium-252 are often quoted at millions of dollars per gram, but they are made in reactors in milligram amounts for specialised uses and are not traded like metals. Among metals bought and sold as metal, rhodium set the record: its annual average reached about $20,000 per ounce in 2021 (USGS), more than double its price today.

Most expensive metals FAQ

What is the most expensive metal in the world?

In November 2026, iridium and rhodium, both at about $9,000-10,000 per troy ounce, with iridium slightly ahead. Rhodium held the top spot in most recent years, so the order can change quickly.

Is rhodium more expensive than gold?

Yes, by more than double: about $8,650-9,800 per ounce against about $4,040-4,080 for gold on 6 November 2026.

What is the most expensive rare earth metal?

Terbium. Its oxide cost about $950/kg in China and $7,300-8,300/kg in Europe in early November 2026 (SMM). Lutetium and dysprosium follow; lanthanum and cerium oxide sell for about $1-2/kg.

Why is iridium so expensive now?

Only a few tons are mined each year, all as a by-product of platinum, while demand from hydrogen electrolysers and electronics is growing. Johnson Matthey reported record iridium prices in early 2026.

Sources: dealer and reporter prices listed on our price page; USGS Mineral Commodity Summaries 2026 (history). Prices checked 7 November 2026, for information only, not investment advice.