Q: Which value shall I use to calcualte Zakat on my gold and silver?
A: For your Zakat calculation, gold and silver can be valued at its resale value. To work out the value of your gold and silver, you can do one of two things:
1) Your local gold jeweller can determine the current value of your gold and silver assets. This is the most accurate method to get the value of your gold and silver. Jewellers will give you the value of your gold according to scrap gold value.
2) Use today’s live gold and silver price in grams – this is known as the universal measurement. These prices are for new gold and are generally more expensive. One may use this measure if they cannot get in touch with a jeweller.
If you use the live gold and silver price, simply multiple the price per gram by the total weight of your gold or silver.
And Allah knows best!
Mufti Faraz Adam