Gold Zakat
There are two heads of Zakat which we encounter commonly. One is Zakat on wealth and the second is Zakat on production or Zakat on Earnings. Zakat on wealth is to be paid once a year at a fixed date, while Zakat on Production is to be paid with every production. Zakat on Gold kept as savings, falls in the category of Zakat on Wealth, hence to be paid once a year. Nisab for assets/wealth is the minimum amount below which your state exempts tax or zakat on assets. If your state does not provide a nisab then you can use the standard nisab of 642 grams of silver or equivalent value. There can be difference of opinion on whether Zakat percentage should be applied on amount only above Nisab threshold or on the whole amount as soon as it crosses the Nisab threshold. Ghamidi Sahab prefers the latter, but this is not something explicitly instituted as Sunnah by the Prophet (Sws). You may want to read more about the law of Zakat at the following links: Discussion 68648 Discussion 58129