Gold Rally: Anil Aguardus urges India to enhance local gold production amid record prices

With the rise in global gold prices to its highest historical levels, the President of Fidanita and Industrial Anil Agarawal called for reducing its strong dependence on imports and reviving the production of local gold.

Gold recently crossed $ 3,600 an ounce in modified terms by inflation, bypassing January 1980 record and ever placed. Despite this unprecedented gathering, India continues to import more than 99 % of gold, making it one of the largest gold importers in the world.

Aguardon warned that this accreditation is a long -term economic threat and emphasized the urgency of reforms. “Gold has reached record levels more than 30 times this year. Its peak is more than $ 3,600 an ounce is the highest ever in modified conditions, depending on inflation, overcoming the previous record of January 1980.”

“Unfortunately, India spent decades as a major gold importer. We must produce gold locally. It is in our strong economic interest. While the new mines will take several years to start production, we have sleeping mines that can be restarted with the participation of the private sector.”

Agarawal argued that the eruption of the inactive gold mines can follow India’s journey quickly towards mineral self -reliance, generating large -scale job opportunities, and helping to reduce the import bill, especially since India is still one of the highest global gold consumers.

Fida, a leading natural resource company in India, is defending policy reforms to cancel mining capabilities in the country, in line with the government’s vision atmanirbhar bharat.

India has long struggled with the huge gold import bill, which is stressing foreign drainage reserves. Despite the possession of large, non -exploited gold deposits, domestic production remained low due to organizational obstacles, infrastructure gaps, and previous policy restrictions.

Gold prices have increased due to global inflation concerns, economic uncertainty about American trade conflicts and geopolitical tensions. The World Gold Council indicates that the low interest rates and constant certainty maintain the investor’s attention, especially through the investment funds circulating in gold and OTC transactions. The demand for the central bank remains strong in 2025, although it is less than the record levels, while American investors make ETF purchases. The demand for jewelry decreased to 341 tons in the second quarter of 2025, as high prices of buyers decreased, although the festivals season and the Ministry of Commodities Tax and Services may enhance demand. Central bank purchases slowed, as Q2 added 166 tons – by 33 % of the first quarter – but is still above 2010-2021.