Akhilesh Yadav (ANI image)

NEW DELHI: Samajwadi Party president and former Uttar Pradesh chief minister Akhilesh Yadav has accused the ruling Bharatiya Janata Party (BJP) of hoarding gold and converting “black money into solid assets,” a process he described as goldification.Yadav alleged that the recent surge in gold prices is not the result of rising demand among ordinary citizens but due to what he called large-scale hoarding by BJP leaders. He argued that under the “goldification” process, corrupt members of the ruling party are turning their illicit funds into precious metals.In a post on X, Yadav wrote: “The reason for the skyrocketing gold prices in BJP rule is not an increase in demand for gold among the common people; rather, the cause is the ‘goldification’ process by which the highly corrupt BJP members are converting their liquid black money into solid assets.”

Akhilesh Yadav’s X post

The SP leader further questioned whether the BJP’s “iron double engine” had in fact “turned into gold,” while demanding that the government explain why prices of luxury metals continue to rise despite international market fluctuations. He also mocked the ruling party, asking whether its much-publicised drones, binoculars and bulldozers were only meant for political opponents and not for tracking gold hoarders.According to Yadav, the soaring cost of gold has pushed even silver out of reach for the poor, depriving them of traditional practices such as gifting ornaments during weddings. “Now a poor man cannot even give a single gold clove to his loved ones as a blessing during weddings,” he said.Gold prices in Delhi touched Rs 1,18,790 per 10 grams (24K) today, compared to Rs 1,17,561 per 10 grams on Tuesday. Prices of the precious metal tend to fluctuate daily, influenced by global factors such as dollar movements and international demand, along with domestic taxes and seasonal buying trends.