Is Zakat obligatory on 160 grams of gold that has been held for a full year, knowing that its owner is in debt?

The majority of scholars hold that debt prevents the obligation of zakat on internal wealth (gold, silver, currency, and trade goods). So, if the debt consumes the nisab or reduces it below the threshold, then no zakat is due on it. This is the view of Abu Hanifa, Malik, Al-Shafi'i in his old madhhab, and Ahmad, contrary to Al-Shafi'i in his new madhhab, who holds that debt does not prevent the obligation of zakat. The preponderant view is that of the majority, based on the saying of Uthman (may Allah be pleased with him): "This is the month of your zakat. So, whoever has a debt, let him pay it so that you may then pay the zakat of your wealth." It is stipulated that the debt must be established and due before the zakat becomes obligatory, and that the zakat payer finds no other money to repay his debt except the wealth on which zakat is due.