'Like Gold For Functional Value': Vedanta Chairperson Bats For 'Green Metals' As Gold Price Continues To Rise

Since the beginning of 2024, the price of gold has risen by 9 percent in rupee terms. With gold prices reaching new heights, Vedanta chairperson Anil Agarwal suggests that investors explore the ¡®less noticed¡¯ green metals for their practical uses.

Green metals are like gold for their functional value

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Taking to X, the industrialist pointed out the current surge in gold prices, attributing it to cyclical patterns influenced by geopolitical and economic uncertainties.

He then highlighted the importance of metals like copper, aluminum, zinc, and silver in modern technologies and their role in promoting environmental sustainability.

Agarwal emphasised, "While gold is known for its intrinsic value, these critical minerals are almost like gold for their functional value."

Also read: All Time High Gold Prices: Know The Prices In Different Cities

He added that these metals are integral to advancements in energy transition, including solar PV cells, batteries, and electric vehicles, as well as in artificial intelligence technologies, such as advanced semiconductors.

Recyclable, and can be mined without harm to environment

Additionally, these environmentally friendly metals can be recycled. Besides their recyclability, these metals can also be mined without causing harm to the environment.

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Agarwal highlights, "They support a climate-friendly world. They are recyclable. And using the latest technology, they can be mined without damaging the environment."

Furthermore, the demand for green metals is increasing at a rate of double digits, surpassing the pace of supply.

"Much faster than supply," he noted.

Why are gold prices on the rise in India?

The recent increase in gold prices is mainly due to investors viewing gold as a way to protect against inflation and the growing uncertainty in regions like Ukraine and the Middle East (Gaza).

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At the same time, there's a belief that interest rates in the United States might be cut, which typically makes assets like gold more appealing compared to investments that earn interest.

Additionally, the economy has been facing ongoing inflation, which reduces the value of paper money and encourages investors to turn to gold as a stable form of wealth.

These factors have combined to make gold more attractive, leading to increased interest in it as an asset in 2024.

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