Can silver develop into extra treasured than gold? Here is what Vedanta’s Anil Agarwal thinks

“Silver is shining” — Silver costs surged to historic heights not too long ago with December futures crossing the Rs 1,00,000/kg mark on the Multi Commodity Trade (MCX) for the primary time. Business magnate Anil Agarwal, Chairman of Vedanta Group, took to X (previously Twitter) to share his outlook on silver. He highlighted silver’s transformation from a standard treasured steel to an important industrial useful resource, pushed by new-age applied sciences.

The white steel’s stellar rise comes amid heightened volatility within the greenback index and ongoing geopolitical tensions, signaling a strong urge for food for treasured metals amongst buyers.

“In India, costs have crossed Rs 1 lakh per kg! Demand has doubled from final yr. Silver’s demand is being pushed not simply by its conventional makes use of however by huge industrial demand. It’s now getting used extensively in photo voltaic panels for renewable vitality, in EVs, in superior healthcare, electronics and lots of different applied sciences,” Vedanta boss mentioned on X.

Agarwal mentioned the mix of being treasured and practical is uncommon and the demand provide hole is growing.

“It’s the new important mineral of the longer term.”

The rise in silver costs

In response to a report by DSP Mutual Fund, silver has outperformed different treasured metals together with gold.Extensively utilized in electronics, photo voltaic panels, batteries, and more and more in semiconductors, silver performs a significant position in fashionable know-how. Rising industrial demand, mixed with expectations of one other price reduce by the Federal Reserve, is driving the steel’s market worth greater.

Hindustan Zinc’s silver video games

Agarwal additionally highlighted the numerous contribution of Hindustan Zinc, a Vedanta subsidiary, within the world silver market. The corporate produces silver by means of a 100% solar-powered refinery, guaranteeing a sustainable manufacturing course of.

“At first, making silver was a problem, however our engineers and technologists made it potential. As we speak, we’re one of many largest producers of silver globally, and we goal to develop into primary,” he mentioned. He emphasised that each one silver produced by Hindustan Zinc is bought inside India, underlining the corporate’s give attention to native markets.

Anil Agarwal’s silver plans

Agarwal additionally introduced the event of a not-for-profit industrial park in Rajasthan, geared toward fostering downstream industries round zinc and silver manufacturing. This park is predicted to spice up worth addition to silver, generate lakhs of jobs, and entice a number of companies to Rajasthan’s industrial panorama.