Is it obligatory to pay Zakat on gold when the debtor has a debt that reduces the value of the gold below the nisab?

The majority of scholars hold the view that Islam prevents zakat from being levied on hidden wealth (gold, silver, money, trade goods), not on apparent wealth. This is the view of Abu Hanifa, Malik, and Al-Shafi'i in his old opinion. They base their argument on the saying of Uthman, may Allah be pleased with him: "This is the month for the zakat of your wealth. So whoever owes a debt, let him pay his debt, and then pay zakat." If the debt consumes the gold or money, then there is no zakat.