Is zakat obligatory on a person who has both gold and debt?

My wife has a total of 120 grams of gold, including the gold worn at the mihr and the wedding. We bought a car four months ago and owed my father-in-law 20.000 TL. Normally, we would convert the gold into TL and pay our debt, but he said that you will pay later. If we had paid the debt, our gold would have fallen below 80 grams. I am also paying my student loan, I have a total debt of 14.000 TL at the moment and I am unemployed, we live on my wife's salary. Should we give zekat for this gold we have?