Samajwadi Party (SP) president Akhilesh Yadav has accused Bharatiya Janata Party (BJP) leaders of hoarding gold, linking the practice to the recent surge in gold prices and a perceived lack of government action to control them. The statement comes at a time when gold prices in India have crossed ₹1.20 lakh per 10 grams, marking record highs and stirring public concern.
In a recent post on social media platform X (formerly Twitter), Yadav said, “The reality is that now a poor person cannot even gift a small piece of gold at weddings as a blessing. Forget gold, even silver has gone out of the reach of the poor due to the hoarding of precious metals by BJP leaders.” His remarks criticized the ruling party for failing to address the issue despite its impact on ordinary citizens.
The SP leader described the phenomenon as “goldification” — the alleged conversion of black money into gold assets — and claimed it was exacerbating economic inequality. Yadav questioned why luxury metals continued to see rising demand despite soaring prices, criticizing the government’s stance that global markets solely drive gold price increases.
Experts have noted that while international market trends influence gold rates, domestic factors, including fiscal policies and economic conditions, significantly affect prices. Rising gold prices have increased the use of the metal as a store of value among affluent groups, further widening the wealth gap.
The political debate over gold affordability comes as citizens express frustration at the rising cost of traditional ornaments used in weddings, festivals, and savings. Analysts warn that without policy intervention, the trend could deepen socio-economic divides.
The BJP has not issued an official response to Yadav’s allegations. Government statements so far have emphasized that gold prices are determined by global demand and currency fluctuations, but opposition parties insist this fails to address domestic issues, including alleged hoarding.
As political rhetoric intensifies, the gold price surge is emerging as both an economic and political issue ahead of upcoming elections. How the government addresses these concerns will be closely watched by the public and political observers alike.
