Vedanta chairperson Anil Agarwal recently emphasized the significance of certain metals amid the backdrop of rising gold prices, drawing attention to their critical role in modern technologies.
In a recent social media post, Agarwal underscored the importance of metals such as copper, aluminum, zinc, and silver, likening their value to that of gold due to their essential role in various technologies. He highlighted their indispensability for upcoming technologies like solar PV cells, batteries, and electric vehicles (EVs), as well as their importance in advanced semiconductors used in artificial intelligence.
Agarwal also addressed the recent surge in gold prices, attributing it to historical trends of investors turning to gold during times of global economic uncertainty. However, he shifted the focus to what he termed 'green metals,' emphasizing their contribution to a more eco-friendly world through recyclability and environmentally conscious mining practices.
Given India's status as the world's fastest-growing economy, Agarwal stressed the need for self-sufficiency in critical minerals to support the country's expanding manufacturing sector. He advocated for increased exploration efforts and streamlined regulatory processes to meet the growing demand for these metals.
Meanwhile, gold prices experienced a 1% increase driven by a weakening US dollar following subdued job data in the United States. Spot gold rose by 0.8%, reaching $2,320.95 per ounce on Tuesday, with US gold futures for June delivery climbing 0.9% to $2,329.70 per ounce. While traditionally considered a hedge against inflation, gold's appeal diminishes with reduced interest rates, which lower the opportunity cost of holding bullion and weaken the dollar, in which gold prices are quoted.
