Zakat is an obligatory charity in Islam, intended to purify wealth and promote economic equality. With the fasting month of Ramadan under way, many Muslims around the world are preparing to fulfil another essential pillar of their faith: Giving zakat. Zakat is a compulsory form of charity in Islam, aimed at supporting the needy and promoting economic equality. While many choose to pay zakat during Ramadan for its spiritual rewards, it can be given at any time within a year. Since last Ramadan, the price of gold has nearly doubled, from about $2,900 per ounce to more than $5,100 today. A higher gold price directly affects zakat in two ways: First, it changes the eligibility threshold (nisab), meaning more individuals may now be exempt from paying zakat. Second, it increases the monetar...