Samajwadi Party (SP) President Akhilesh Yadav has strongly criticized the central government, led by the Bharatiya Janata Party (BJP), as gold prices in India have soared, crossing ₹1,18,790 per 10 grams for 24-carat gold in Delhi. Yadav has accused the BJP of hoarding gold and converting illicit funds into precious metals, a process he has termed "goldification".
On October 1, 2025, gold rates in India witnessed an upward trend, driven by festive demand, global uncertainty, and a weaker dollar. The rate for 24K gold stood at ₹11,864 per gram, reflecting an increase of ₹120. Similarly, 22K gold was priced at ₹10,875 per gram, up by ₹110, while 18K gold was available at ₹8,898 per gram, marking a rise of ₹90.
Yadav alleged that the surge in gold prices is not due to increased demand among ordinary citizens but is a result of large-scale hoarding by BJP leaders. He argued that corrupt members of the ruling party are turning their "liquid black money into solid assets" through this "goldification" process. In a post on social media platform X, Yadav questioned whether the BJP's "iron double engine" had turned into gold, demanding an explanation for the rising prices of luxury metals despite international market fluctuations.
Yadav also mocked the BJP, questioning if the party's publicized drones, binoculars, and bulldozers were solely for targeting political opponents and not for tracking gold hoarders. He highlighted that the soaring cost of gold has made even silver unaffordable for the poor, preventing them from traditional practices such as gifting ornaments during weddings.
This isn't the first time Yadav has accused the BJP of illicit financial practices. In March 2024, he claimed that electoral bonds are the BJP's method of converting black money into white. He alleged the BJP misuses government agencies to intimidate opposition leaders and extort money from capital houses. Yadav has also stated that the BJP is a greedy party, blaming them for increased inflation, corruption, and unemployment.
The rise in gold prices is influenced by a combination of factors. Festivities in India usually lead to greater demand for gold, considered an ideal inflation hedge. Gold rates in India are witnessing an upward trend, fueled by festive demand, global uncertainty, and a weaker dollar. As of October 1, 2025, 22K gold prices at major jewelers like Tanishq, Malabar, Joyalukkas, and Kalyan Jewellers range from Rs 10,805 to Rs 10,875 per gram.
Global factors also play a role. According to FXStreet data, gold prices remained broadly unchanged in India on Wednesday, October 1, 2025. The price for Gold stood at 11,018.16 Indian Rupees (INR) per gram, broadly stable compared with the INR 11,012.36 it cost on Tuesday. Gold has risen by an impressive 45% since the beginning of 2025 and recorded gains exceeding 11% in September as profound market uncertainty continues to drive investors globally to seek refuge in traditional safe-haven assets. A Republican spending bill failed to pass through the Senate on Tuesday, setting the stage for a partial government shutdown from midnight. A prolonged shutdown could have an adverse effect on economic performance.
Akhilesh Yadav's recent statements reflect a broader critique of the BJP's governance and economic policies. He has previously accused the BJP government of rampant corruption, alleging that "corruption, commission culture, and black marketing" are at their peak.
