'Gold is going to shine...': Vedanta chief Anil Agarwal urges India to dig deep as prices top $3,000

Anil Agarwal isn’t just watching the gold rally, he’s issuing a call to action. “We have seen it before,” the Vedanta chairman wrote on X.

“Whenever there is great uncertainty in the global economy, the price of gold rises to record highs. As the safest investment, gold is going to shine. Forecasts expect it to rise well above the current $3,000 per ounce level.”

But beyond the price spike, Agarwal sees a deeper opportunity — one rooted in India’s own reserves.

“This is the best time for India to revive and revitalize its existing gold assets. We only produce 1 tonne of gold every year and consume around 800 tonnes. The difference is imported.”

He argues that with prices soaring, investors will now have the incentive to fund domestic exploration.

“At this price, investors will be willing to put in the resources required to produce more gold in India. Since these assets already exist, the timelines will be much shorter than any new project.”

Gold has surged 17% since December 18, jumping from around $2,620 to a high of $3,065 an ounce. 

A mix of global pressures is driving investors toward gold, reinforcing its status as a reliable safe haven. Geopolitical tensions in regions like the Middle East and Ukraine, along with escalating trade disputes—particularly U.S.-led tariffs—have heightened uncertainty across markets. These concerns are further compounded by rising inflation, fears of economic instability, and expectations of interest rate cuts by central banks, making non-yielding assets like gold more attractive than bonds.

At the same time, central banks around the world are ramping up their gold reserves to reduce reliance on dollar-denominated assets and protect against currency risks. Add to that the growing alarm over global debt levels and looming recession fears, and gold's appeal as a protective investment only strengthens.

The precious metal is now hovering around $3,025.1 on COMEX, while silver has also jumped, trading at $33.28 an ounce.