Vedanta's Anil Agarwal compares value of these metals to gold. Check here

Vedanta chairperson Anil Agarwal, drew attention to the value of certain metals that are seeing high demand amid the recent rise in gold prices.

He highlighted this perspective in a recent post, mentioning copper, aluminium, zinc, and silver as pivotal to modern technologies and comparing their value to 'almost like gold'.

"The really amazing, less noticed story is actually emerging in metals like copper, aluminium, zinc and silver, all of which are critical minerals. While gold is known for its intrinsic value, these critical minerals are almost like gold for their functional value," said Agarwal in a post on social media platform X.

He said that these metals are crucial for upcoming technologies such as solar PV cells, batteries, EVs, etc.

"They are fundamental to new age technologies whether those related to energy transition (solar PV cells, batteries, EVs) or in technologies related to artificial intelligence (advanced semiconductors)," said Agarwal.

He further characterised the recent surge in gold prices as a trend, mentioning his extensive experience in investment markets.

"Investors historically turn to gold during times of global economic or geopolitical uncertainty," he said.

The industrialist termed these metals as 'green metals', highlighting their role in promoting a more eco-friendly world.

"What also stands out is that these are green metals. They support a climate-friendly world. They are recyclable. And using the latest technology, they can be mined without damaging the environment," said the Vedanta chairperson.

Considering India's position as the world's fastest-growing economy, Agarwal highlighted the importance of self-sufficiency in critical minerals to support the nation's expanding manufacturing sector.

He called for increased exploration efforts and simplified regulatory clearances to meet this growing demand.

Meanwhile, gold prices saw 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. Similarly, US gold futures for June delivery climbed 0.9% to $2,329.70 per ounce.

Although traditionally considered a hedge against inflation, gold's appeal diminishes with reduced interest rates, which lower the opportunity cost of holding bullion and weakens the dollar, in which gold prices are quoted.