A Gold ATM has come into operation in China that “buys” gold from customers and gives them cash, processing the whole transaction in as little as 30 minutes. This involves melting the jewelry and even analyzing its purity without requiring any paperwork.
The smart Gold ATM reportedly processed a 40-gram gold and drew the customer 785 yuan per gram, which translates to just a little over Rs 14,710 (in current exchange rate).
The machine has gone viral since coming into operation for its unique ability. It’s being reported that people are coming in large numbers to trade their gold off due to the current surge in its market price.
And the machine will be kept busy as appointments for the gold transactions have been booked till May.
The innovative hardware is developed by Kinghood Group, a Chinese firm based in Shenzhen.
Also: A Japanese bank start face recognition for ATM withdrawals
What can the Gold ATM do?
The Gold ATM can assess the purity of the gold, weigh the items, and deposit the amount it’s worth to the seller’s bank account.
It processes the gold items that weigh over three grams and must have a minimum purity level of 50 percent.
“The introduction of smart gold ATMS primarily serves a recycling function from a business perspective,” Xu Weixin, a member of the Shanghai Gold Association, told local media. “With rising gold prices, there’s a stronger desire to cash out. The upward momentum is largely driven by central banks and institutional investors increasing their gold reserves.”
Gold prices have been soaring in Nepal, influenced by the global pricing surge. So, the idea of selling jewelry via a gold ATM and getting cash without paperwork could fly here.