midnighteyes

Can someone pls help me find what was the price of gold per gram (canadian dollars) LAST year, ie, Sept 2008

My zakat is due and I cant find the paper where I keep all the info about my gold so I cant calculate how much I must pay because I dont remember how many grams the weight is. I do however know the amount of how much I paid last year in zakat, so IF I can find the price per gram from last year then I can figure out the weight and calculate this year's

Help please????

THANK YOU!!

midnighteyes

I found this but its in ounces, not grams

http://goldprice.org/charts/history/...year_o_cad.png


Gold Price Canada


1 ounce is 31.103 grams

On Sept 08, it looks about $875/ounce

So is that $28.132/gram???

psyah

^ Peace midnighteyes

That is about the gist of it.

All you do now is take the amount of zakat you paid last year multiply it with the $28.132 to give the weight of gold.

However, you have to note that the above rate is in Canadian dollars so you need to make sure you are multiplying by the same currency and also this will only give you the weight of pure gold in your jewelry ... i.e. that if it was 24 carat then the weight would be so.

If it is 22 carat or 18 carat then the weight will be higher but the rate will be less to give the same value.

midnighteyes

jazaka Allah

bride2be

on a side note, how does zakat on gold jewelry work?

midnighteyes

^ quite simple. get the gold weighed, you need the weight of the gold only, not of the stones, pearls etc, the jeweler will remove that. and then once u have the weight in grams, check what the price of gold per gram is and multiply it with the weight to get the value of the gold and then combine that with the value of the rest of your wealth that has remained over the nisaab for the year and pay 2.5% of it

for example, say the gold is weighed at 500 grams. and say the price of gold is 30$ per gram. so 500 x 30 = 15,000$. this is the value of the gold. and then say u have $5,000 in your account. so u add 15,000 + 5,000 = $20,000 and now take 2.5% of that, which equals 500$ which is how much u must pay in zakat for the year