When we think about precious metals, investment bars, coins, medallions and jewellery are often the first things that come to mind.
But gold, silver and platinum also play an important role in something far more modern: technology.
From smartphones and data centres to electric vehicles, solar energy and hydrogen technology, precious metals are used across many of the systems shaping the modern world. Their unique physical and chemical properties make them valuable not only as tangible assets, but also as functional materials used by industries around the globe.
As technology continues to evolve, so too does the way precious metals are being used — creating an interesting additional dimension to global demand.
Gold: More Than a Store of Value
Gold has been valued for centuries, but some of the same properties that make it enduring as a precious metal also make it particularly useful in modern electronics.
Gold is highly conductive, resistant to corrosion and extremely reliable. It can also be formed into very thin wires, films and coatings while retaining its performance characteristics.
This makes it useful in components where reliability matters.
Today, gold can be found in smartphones, computers, semiconductor chips, connectors, sensors, vehicles, telecommunications equipment and data centres.
According to the World Gold Council, electronics account for approximately 80% of the gold used in technology applications. In the second quarter of 2026, gold demand from the technology sector reached approximately 80 tonnes, with AI-related demand helping to offset weaker demand elsewhere in consumer electronics.
The rapid expansion of artificial intelligence is creating another interesting area to watch. AI servers and data centres require increasingly powerful computing infrastructure, including advanced semiconductors, memory, networking equipment and other high-performance components.
In these applications, reliability can be more important than material cost — one of the reasons gold continues to have a role despite its relatively high price.
This means the gold market is influenced by more than investment and jewellery demand. The evolution of the technology sector forms another, albeit smaller, part of its global demand picture.
Silver: Powering an Increasingly Connected World
Of the major precious metals, silver has an especially significant industrial role.
Silver is an exceptional conductor of both electricity and heat, making it highly useful across electronics and electrical applications.
It can be found in products and infrastructure ranging from smartphones and computers to vehicles, electrical grids, data centres and solar technologies.
Renewable energy has been a particularly important source of silver demand.
Photovoltaic solar cells use silver to help collect and conduct the electricity generated when sunlight hits a solar panel. The enormous expansion of solar capacity over the past decade consequently created a major new source of industrial demand for the metal.
The relationship, however, is constantly changing.
Manufacturers are continually finding ways to use smaller quantities of silver in each solar cell — a process known as thrifting — while also exploring alternative materials. According to the Silver Institute’s 2026 World Silver Survey, this contributed to lower photovoltaic silver demand in 2025, even while demand associated with areas such as AI infrastructure, automotive applications and power grids remained supportive.
It is a useful example of how technology can influence precious-metal demand in both directions.
New technologies can create entirely new uses for a metal, while advances in manufacturing can simultaneously reduce the amount required for an existing application.
Silver and the Electric Vehicle Revolution
The automotive industry is another important part of the picture.
Modern vehicles contain increasingly sophisticated electrical systems, from sensors and control units to infotainment, safety features and driver-assistance technology.
As vehicles become more electrified and connected, the number of electrical components they require continues to evolve.
Silver’s conductivity makes it useful across many of these systems, while the infrastructure surrounding electric vehicles — including charging equipment and expanded electrical grids — creates additional applications.
This means the transition towards increasingly electrified transport isn’t simply changing the automotive industry. It is also changing the types of raw materials required to build and support it.
Platinum: From Vehicle Emissions to Hydrogen Technology
Platinum has a very different technological story.
For decades, one of platinum’s most important industrial applications has been the automotive sector.
Platinum is used in catalytic converters, where its catalytic properties help convert harmful pollutants from vehicle exhaust gases into less harmful emissions. Automotive demand has historically represented one of the largest areas of platinum consumption.
But the changing automotive landscape is creating new questions around how platinum may be used in the future.
Battery-electric vehicles do not require traditional catalytic converters. At the same time, hybrid vehicles, conventional vehicles and other forms of transport continue to use emissions-control technologies.
Beyond conventional automotive applications, platinum also has a potentially important role in the development of the hydrogen economy.
The Connection Between Platinum and Hydrogen
Hydrogen technology is one of the most interesting emerging applications for platinum.
Platinum is used as a catalyst in certain proton exchange membrane — or PEM — technologies.
These include PEM electrolysers, which can use electricity from renewable sources to produce green hydrogen, and hydrogen fuel cells, which convert hydrogen and oxygen into electricity.
Hydrogen fuel cells have potential applications across transport, stationary power and backup electricity systems. Heavy-duty vehicles such as buses and trucks are among the areas where fuel-cell technology is being developed.
The World Platinum Investment Council also identifies hydrogen as an emerging source of platinum demand alongside its established automotive and industrial uses.
In 2026, the organisation forecasts overall industrial platinum demand to grow by 5%, with demand also coming from sectors including glass manufacturing, chemicals, medical applications, electrical technology and hydrogen.
AI Is Adding Another Layer
Artificial intelligence may seem entirely digital, but the infrastructure behind it is very physical.
AI requires vast data centres filled with servers, semiconductors, storage equipment, cooling infrastructure, electrical systems and high-speed communications technology.
Building that infrastructure requires a wide variety of materials.
Gold is used in high-performance electronic components and semiconductor applications. Silver has uses across electronics, electrical infrastructure and data-centre equipment. Platinum group metals also have applications linked to semiconductors, sensors, specialist glass manufacturing and potential hydrogen-based backup power systems.
As AI infrastructure expands, the relationship between the digital economy and physical commodities is becoming increasingly visible.
The software may exist in the cloud, but the infrastructure supporting it is built from very real materials.
Why Does This Matter for Precious Metal Investors?
For investors, understanding where demand comes from provides useful context when looking at precious metals.
Gold, silver and platinum do not have identical demand profiles.
Gold remains strongly associated with investment, jewellery and central-bank ownership, while technology represents a smaller but important component of demand.
Silver has substantial industrial exposure, connecting its market to developments in solar energy, electronics, automotive technology, electrical infrastructure and AI.
Platinum has its own distinct demand profile, with automotive and industrial applications playing a significant role alongside jewellery and investment demand.
This means technological change can affect each precious metal differently.
It is also important to remember that growing technological use does not automatically translate into higher metal prices. Precious-metal markets are influenced by many factors, including mine supply, recycling, investment flows, currency movements, interest rates, manufacturing efficiency and the development of substitute materials.
Technology is one part of a much bigger picture.
Precious Metals in a Changing World
Gold, silver and platinum have histories stretching back centuries, yet their relevance continues to evolve.
The same metals once valued primarily for their rarity, beauty and durability can now be found inside smartphones, vehicles, solar panels, data centres, medical technologies and advanced energy systems.
As the world becomes more connected, electrified and technologically advanced, precious metals are increasingly sitting at the intersection of tangible value and modern innovation.
For investors, this adds another perspective when considering the role of physical precious metals within a broader investment portfolio.
At Moon Investments, we offer a range of physical gold, silver and platinum investment products, allowing investors to own tangible precious metals in a variety of formats and weights.
Explore our range of precious metal investment products at Moon Investments: https://mooninvest.co.za/products/