Samajwadi Party chief Akhilesh Yadav on Tuesday attributed the sharp surge in gold and silver prices to what he called the BJP’s “new economic concept of corruption,” alleging that ill-gotten cash is increasingly being converted into precious metals under the ruling party’s watch.
In a post in Hindi on X, the former Uttar Pradesh chief minister said the rise in prices defied conventional economic logic, as higher rates were fuelling demand instead of dampening it. He described the phenomenon as the “solidification of corruption,” claiming it reflected a system where illegally amassed cash was being parked in gold and silver to preserve its value.
“Under the corrupt BJP’s new economic model, money earned through corruption is converted from liquid cash into solid precious metals,” Yadav wrote. “Here, an increase in prices does not reduce demand; instead, it pushes demand even higher, leading to a further rise in prices.”
Yadav further alleged that the spike in precious metal prices was having wider social repercussions, including an increase in thefts, burglaries, robberies and snatching incidents across homes, neighbourhoods, shops and markets. This, he claimed, was placing additional strain on an already overstretched police system, weakening law enforcement and emboldening criminal elements.
“If anyone doubts this, they should have the price rise analysed with the help of AI,” he added.
Yadav’s remarks came a day after silver prices crossed the Rs 3 lakh-per-kg mark for the first time in futures trade, driven by escalating global trade tensions, including tariff disputes linked to Greenland, and a weakening US dollar that boosted demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), silver futures surged by Rs 16,438, nearly 6 per cent, to touch a record Rs 3,04,200 per kilogramme. Gold prices also rallied sharply, with the February contract climbing Rs 2,983, or 2.09 per cent, to a fresh high of Rs 1,45,500 per 10 grams. Over the past week, gold has gained Rs 3,698, or 2.7 per cent, on the MCX.
With PTI inputs
-
Motherhood, Balance, and Emotional Growth: Bharti Singh on Life After Welcoming Her Second Son
-
Railway Infrastructure :Under Repeated Threat in Balochistan Raises National Security Concerns
-
Rahul Gandhi : Raises Concerns Over Constitutional Values and Welfare Policies During Raebareli Visit
-
When Is Redmi Turbo Max 5 Launching In India? Smartphone With World’s First Dimensity 9500s Chipset Debuts With Massive 9000mAh Battery, Check Price Here
-
Lava Blaze Duo 3: Dual displays, strong battery and solid camera… the new smartphone catches everyone’s attention, the price is affordable
