Samajwadi Party (SP) president Akhilesh Yadav on Tuesday alleged that the sharp rise in gold and silver prices was a result of what he termed the BJP’s “new economic concept” of converting ill-gotten cash into precious metals.
In a post in Hindi on X, the former Uttar Pradesh chief minister said that unlike established economic principles, rising prices of gold and silver were increasing demand instead of curbing it, which he described as the “solidification of corruption” under the BJP-led government.
“The corrupt BJP’s new economic concept. Solidification of corruption means converting money earned through corrupt means, in the form of liquid cash, into precious metals,” Yadav said.
“Under BJP rule, a rise in prices does not reduce demand but instead pushes it higher, which then leads to further price increases,” he added.
Yadav alleged that the surge in precious metal prices was also having serious social consequences, including a rise in incidents of theft, burglary, robbery and snatching in residential areas, markets and commercial establishments.
He claimed that the increased need for security due to such crimes was placing additional pressure on an already weakened police system, resulting in ineffective policing and emboldening criminal elements.
“This further burdens the already weak policing system under BJP rule, making criminals more active,” the SP chief said, adding sarcastically that the government could even conduct an AI-based analysis to understand the phenomenon.
His remarks came amid a sharp rally in precious metal prices. Silver prices crossed the Rs 3 lakh per kilogram mark for the first time in futures trade on Monday, driven by safe-haven demand amid global trade tariff tensions and a weak US dollar.
On the Multi Commodity Exchange (MCX), silver futures surged by Rs 16,438, or nearly 6 per cent, to hit a record high of Rs 3,04,200 per kg. Gold prices also strengthened, with the February contract rising Rs 2,983, or 2.09 per cent, to Rs 1,45,500 per 10 grams. Over the past week, gold prices gained Rs 3,698, or 2.7 per cent, on the MCX.
