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Precious Metals Spot Prices by Goldbroker.com

Celebrated as one of the most precious metals across the world, from being traded in the form of coins in ancient eras to being used to create medals for the Olympics, Oscar awards for actors, and exquisite pieces of jewelry for everyone. Gold is one of the prodigious metals that has been in use for thousands of years.

Symbolically, the color gold represents luxury and prosperity. It is a well-known symbol of abundance, good fortune, and extravagance. Ancient civilizations used gold to glorify their gods and from previous eras to modern times today, people hold it in the same high regard considering it a metal symbolizing power and wealth.

One of the easiest metals to work with, gold is found as one of the rare metals so soft that it can be twisted and tuned in its purest states. 

Uses Of Gold

Newsflash! Gold isn’t just a precious metal with no properties. There are some legitimate health benefits you can get while wearing gold jewellery. Want to know about a few of them? Well, here they are.  

  • You’ll get plenty of oxygen since gold provides a huge advantage of increasing blood circulation. Crazy. Right?  
  • Pure gold can be poured onto an infection or sore to treat it completely.  
  • Stabilizes body temperature if in an unusual state.  

Turns out, it’s not just something you can purchase to make yourself financially secure but has some benefits for good health too!  

Gold is also used as the first place winner’s medal or trophy in almost any type of contest. First-place winners at the Olympic Games are given gold medals. The Academy Awards Oscars are gold awards. Music’s Grammy Awards are made of gold. All of these important achievements are honored with awards made of gold.

Medicinal applications of gold and its complexes have a long history dating back thousands of years.[44] Several gold complexes have been applied to treat rheumatoid arthritis, the most frequently used being aurothiomalate, aurothioglucose, and auranofin. Both gold(I) and gold(III) compounds have been investigated as possible anti-cancer drugs.

Zakat On Gold

What is Zakat?

One of the obligatory acts in Islam, Zakat is the most beneficial step towards ending poverty and hunger. Not to be considered synonymous with Sadkah, Zakat is obligatory for every Muslim.  

The act of zakat is obligatory when possessing a certain level of money called nisab. The nisab for gold is 7.2 tolas or 85 grams.  

The amount of zakat is the 2.5 percent saving of every lunar year and only obligatory in situations after achieving a certain financial level. This includes having a certain amount of income, money in the bank, savings, and zakat on precious metals like silver and gold. Precious metals excluding platinum, gemstones, pearls, diamonds, ruby, and sapphire.  

Zakat on Jewellery

 Due to the lack of knowledge on the subject, more often people find it a bit complicated on how to determine the amount of zakat for jewellery. Zakat is only obligatory if half or more than half of your jewellery consists of silver and gold. An important question you might ask is, “What if my jewellery has diamonds, gemstones, or pearls in it?”. We advise you to take your jewellery to the nearest store and have a professional determine the weight of the jewellery without having to remove any of the stones.  

Zakat for jewellery demands it to be given according to the market value, which is 2.5 percent. So, for instance, if your jewelry weighs around 10 grams, your zakat will be 2.5 percent of 10 grams.  

“And establish prayer and give Zakat, and whatever good you put forward for yourselves – you will find it with Allah.” (2:110, Qur’an) 

Zakat is not just a duty on those with wealth given for the love of Allah (SWT), but a right that the poor have over us.

Those with sufficient wealth are noted in the Holy Qur’an as for:

“Those in whose wealth there is a recognised right for the needy and the poor”

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