A method of producing metal powder by reducing ions of a metal for precipitation by performance of a reducing agent in a liquid-phase reaction system, wherein the metal is precipitated as metal powder particles by being reduced under conditions in which the exchange-current density of an oxidation-reduction reaction between the metal ions and the reducing agent is 100 .mu.A/cm.sup.2 or less, the exchange-current density being determined by the mixed potential theory.

 
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