Question #13-24: Do we base zakah on gold price on market value or purchase price?

Question #13-24: The gold price is $30/gm in the market but when selling your gold they will give you only $22-$24/gm. So, when calculating the Zakah, Do we base the price of the gold on the market value or do we base it in the price that the gold is being purchased ($22 - $24/grm?

Answer:

“Alhamdulillah wasalatu wasalmu Alla Saydina Mohamed”

If the gold is in your possession then you should, according to the majority of the Ulamah, calculate the zakah based on the present market value (the date of the valuation) or the $30/gm as you mentioned the market price was. 

Allah knows best,

Sheikh Mostafa

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