Question 13-25: Question: When are we obligated to pay the Zakah on gold? How do we calculate the correct Zakah due?
Zakah in gold will be obligated when you reach the Nisab (92 grams of gold & up) and the calculation of Zakah will based of $30/gm.
Example 1: Someone’s wife owns 95 grams of gold and she bought it from her own money. The Zakah is due upon her because she owns the gold. The amount of Zakah she has to pay is: 95 grams * $30/gm *2 ½ %). If she has no income and the husband was paying for the gold then, he should pay the Zakah.
Example 2: The same person bought last year 80 grams of gold for his daughter. She saved it for year, but because the amount of gold is below the Nisab, there is no Zakah due.
Example 3: If he bought for both, his wife and his daughter the gold as mentioned above then, he will have to pay for both $131.25 in Zakah (175 grams*$30/gm*2 ½ %).
Allah knows best.