Is Zakat obligatory on utensils and furnishings, or only on money, gold, and silver? And what is the most preponderant opinion regarding that?

If utensils and furnishings are owned with the intention of trade, they are considered trade goods (عروض تجارة) subject to Zakat. Zakat on them becomes obligatory by appraising them at market price at the end of the year (hawl), neither at the lowest nor the highest value. What is sold wholesale is appraised at wholesale price, and what is sold individually is appraised at individual price. The Muslim pays Zakat on the value of these trade goods and on any money they possess. The opinion that they should be appraised at their highest value or that Zakat is not obligatory on them is erroneous; rather, scholars have unanimously agreed on the obligation of Zakat on them. Zakat is obligatory immediately once it becomes due.