Gold-melting ATM becomes sensation in China as users cash in on soaring prices

Express Tribune

22-04-2025

The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. PHOTO: GULF NEWS
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A newly launched Gold ATM in a Shanghai shopping mall is drawing large crowds as residents rush to convert their old gold jewellery into instant cash amid soaring global gold prices.
According to Gulf New, the machine developed by Shenzhen-based Kinghood Group, the machine evaluates and melts gold items on-site, determining their purity and weight before transferring the equivalent cash—minus a small fee—directly into the user's bank account within 30 minutes. No paperwork is required.
The innovation has captivated the public, with demand surging so quickly that appointments are now fully booked through May, according to Chinatimes.com.
How it works?
The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. Using advanced sensors and heating the gold to 1,200°C, the machine performs a real-time analysis. The final payout is based on live rates from the Shanghai Gold Exchange.
In a recent demonstration, a 40-gram necklace appraised at 785 yuan per gram resulted in a payout exceeding 36,000 yuan (approx. £4,000 or Dh18,200).
"The public's desire to cash out has significantly increased with the rising value of gold," said Xu Weixin of the Shanghai Gold Association. "This ATM offers a convenient and transparent alternative to traditional jewellers."
International attention spiked after Turkish tech influencer Tansu Yegen posted a video of the ATM in action, calling it 'simple, fast, and powerful.' Tech analyst Advait Arora added: 'That's how China does innovation.'
Social media reactions ranged from admiration to envy. 'Why can't we Americans have nice things like this?' one user asked. Another quipped, 'Perfect for India—but also a chain snatcher's delight.'
Despite some scepticism about the security and accuracy of purity verification, experts say the machine marks a significant step forward in automating personal asset management.
Kinghood Group has already rolled out similar machines across nearly 100 cities, with a second device planned for Shanghai. As economic uncertainty drives more people toward gold as a safe-haven asset, the demand for such machines is expected to grow.
'This is more than a machine—it's a shift in how people engage with their wealth,' said Arora. 'It blends ancient value with modern convenience.'
With its mix of speed, transparency, and tech-driven convenience, China's Gold ATM is reshaping how people access the value of their gold—bringing the future of finance into the mall.