Samajwadi Party president Akhilesh Yadav Wednesday launched a scathing attack on the ruling Bharatiya Janata Party over the soaring gold prices, which have crossed Rs 1.20 lakh per tola. Yadav alleges that the surge is not due to public demand but rather because of BJP leaders converting their black money into gold.

"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," Yadav said in a post on his WhatsApp channel.

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"Now, a poor man cannot even give 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," he said.

"Does nobody in the BJP government have a drone, telescope, or bulldozer to go after the gold hoarders? Perhaps what people are seeing as a 'double engine of iron' has in fact turned into gold from the inside," he alleged.

Yadav claims that the BJP's alleged corruption and hoarding are behind the rising gold prices, making it difficult for common people to afford gold and silver.

He questions the government's inaction against gold hoarders and asks if the "double engine" of the BJP government has turned into gold.

Gold prices have been rising steadily, with the current price touching Rs 1.20 lakh per tola (10 gram approx).