Buying gold for the purpose of trade
Machine translationRead the Arabic original
The fourth question of the fatwa numbered ( 2444 )
Q4: There are some people who buy gold coins or gold bars when prices are low, and then sell them when prices rise, so what is the ruling on that? And is zakah obligatory on this money if a lunar year passes over it? Knowing that this quantity is subject to increase
and decrease during the lunar year.
A4: First: It is permissible to buy gold coins or gold bars with gold, like for like, hand to hand, and with currencies other than gold; if that is hand to hand. There is no harm in buying when the price is down and waiting until the price rises and then selling it, except if that reaches the level of hoarding and harm to people, in which case it is prohibited. Second: Zakah is obligatory on what a lunar year has passed over from that, provided it reaches the nisab.
Q4: There are some people who buy gold coins or gold bars when prices are low, and then sell them when prices rise, so what is the ruling on that? And is zakah obligatory on this money if a lunar year passes over it? Knowing that this quantity is subject to increase
and decrease during the lunar year.
A4: First: It is permissible to buy gold coins or gold bars with gold, like for like, hand to hand, and with currencies other than gold; if that is hand to hand. There is no harm in buying when the price is down and waiting until the price rises and then selling it, except if that reaches the level of hoarding and harm to people, in which case it is prohibited. Second: Zakah is obligatory on what a lunar year has passed over from that, provided it reaches the nisab.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.