Can you exchange old gold with new gold?
Ibn Abdi Bar reports that there is a scholarly consensus on the fact that gold can only be exchange with gold, if the amount is equal to equal and the gold is exchanged hand in hand.
For example: A gives 100 grams of old gold to B for 100 grams of new gold. The exchange of both golds must be completed in the same seating.
If A gives 100 grams for 120 grams, then it will not be permissible.
If A gives 100 grams now but B says he will give 100 grams some other day, then it is not permissible.
Their proof is the hadith of Ubada Bin Samit in which it says that ‘The Messenger of Allah forbade selling gold for gold… unless it was like for like, hand to hand’. [narrated by Muslim]
And Allah knows best!
(Mufti) Billal Omarjee