China has launched a gold ATM machine which is designed to convert gold into cash hand to hand, facilitating the customers with instant paying system.
A groundbreaking gold ATM in Shanghai is capturing international attention for revolutionizing the process of selling gold. Installed in a local shopping mall, the machine offers a fully automated service that allows users to exchange gold items for instant bank transfers—completely eliminating the need for paperwork.
Created by the Shenzhen-based Kinghood Group, the ATM marks a major innovation in financial technology within the gold industry. As global gold prices climb, the service has quickly become popular, attracting long lines of shoppers and residents eager to turn old or inherited gold into cash.
As reported by Chinatimes.com, the demand is so intense that all appointment slots are booked until the end of May. In one recent example, a 40-gram gold necklace priced at 785 yuan per gram (around AED 397) yielded a payout of more than 36,000 yuan (approximately AED 18,200).
How it works:
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The machine accepts gold jewelry, coins, and bars weighing more than 3 grams and with at least 50% purity.
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Items are melted at 1,200°C and assessed using high-precision sensors to determine both purity and weight.
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The payout is calculated based on live rates from the Shanghai Gold Exchange, with a small service charge deducted.
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Funds are deposited into the user’s bank account within half an hour.
