China Unveils High-Tech Gold ATM That Converts Jewelry Into Cash Within 30 Minutes
A revolutionary gold ATM has been launched in a Shanghai shopping mall, allowing users to convert their gold jewelry into cash in under 30 minutes—completely paperwork-free. Developed by the Shenzhen-based Kinghood Group, the machine represents a new frontier in financial automation and the precious metals industry.
The gold ATM analyzes items by melting them down on-site, checking their weight and purity, and then transferring the corresponding value directly to the user's bank account. With global gold prices surging, the machine has quickly become a popular attraction, drawing crowds eager to exchange heirloom pieces and unused gold for instant payouts.
According to ChinaTimes.com, appointment slots to use the ATM are fully booked through the end of May. In a recent live demonstration, a 40-gram necklace, valued at 785 yuan (approximately AED 397) per gram, generated a payout of over 36,000 yuan (around AED 18,200).
Experts say the gold ATM's popularity reflects the growing public interest in liquidating gold assets amid global economic uncertainty. 'With rising gold prices, the public's desire to cash out has significantly increased,' said Xu Weixin of the Shanghai Gold Association.
The trend aligns with a broader global surge in gold demand, fueled by institutional and central bank purchases. China's gold ATMs are now seen as an efficient and secure way for individuals to participate in the booming market.
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