I don't think anyone here has the right to tell you what to do- even if it's a mistake it's yours to make. But we can offer points of reflection.
Running away together is a very serious act. Once you cross the Rubicon there will be no going back, you will both be blackened (in the eyes of both your respected families), not to mention going to a foreign place with strange languages, no contacts or friends and nowhere to live or work. It's a lot to go through especially without a fail safe of being able to return home.
Not to mention the pain you will put both your families through. It will be worse if you run away. Have you tried talking to them both? It's better, however, slow, painful or heart-wrenching to attempt a reconciliation between both families with your relationship. The chance are better and you won't both loose your families. Facing both your families will teach you about the first important thing for a successful marriage- responsibility and taking it. Without that there's no marriage.
I hope you don't find my words to harsh, I certainly don't mean to be, I am always happy to help people with a sympathetic ear, but we must also be realistic with the facts. Make sure every eventually is planned for. Remember this also, if things go wrong, you will both end up blaming and resenting each other, are you prepared for that if you run away?
Do you mind if I ask both your ethnic backgrounds?