Is zakat obligatory on commercial gold, and can the merchant's debts be deducted from it, and what is the amount of zakat that must be paid?

Zakat is obligatory on gold owned by men if it reaches the nisab, which is 85 grams of 24-carat gold or 97 grams of 21-carat gold, and a hawl (lunar year) has passed on it. This is done by giving out a quarter of a tenth (2.5%) of it or its value. Zakat is also obligatory on everything a person trades in, including gold, even if it was originally not subject to zakat, as trading in it confirms the obligation of zakat. Zakat can be paid from the gold itself in an undivided share, or by valuing it at the current price and giving 2.5% of the value. Debts, loans, and taxes are not deducted from zakat. Zakat is an obligatory duty; Allah has warned those who abandon it of punishment, and it develops and increases wealth.