A surface-treated ultrafine metal powder, wherein a sulfur-containing compound including at least one element selected from the group consisting of Y, Zr, and La is present on a surface of a particle of the ultrafine metal powder, and wherein said sulfur-containing compound is present in an amount such that the at least one element contained in said sulfur-containing compound is present in a total amount of 0.05% to 6% by mass and S contained in the sulfur-containing compound is present in an amount of 0.04% to 4% by mass, each relative to the mass of the ultrafine metal powder as a whole.