In a substantial tech twist, an ATM through which users can sell their gold jewellery and get the payment within 30 minutes has been unveiled in a mall in China’s Shanghai. Interestingly, the procedure requires no paperwork.
Developed by China’s Kinghood Group, this “smart gold ATM” analyses, melts, and weighs gold items, and determine its purity, before transferring the equivalent money directly to the seller’s bank account. Notably, this ATM accepts the yellow metal items weighing over 3 grams with a purity level of at least 50%.
According to media reports, the crowd is lining up to sell their yellow metal jewellery and heirlooms to the machine. The crowd has gathered to give up their generational precious metal amid the rising global prices. Despite all these glitters, there is a catch. According to Chinatimes, all the appointment slots for using the machine are fully booked until May.
During the demo of the machine, a 40-gram gold necklace was sold for 785 yuan per gram (around Rs 9,200), giving the payout of Rs 4.2 lakh (36,000 yuan) within 30 minutes. This seems to be an innovation of the future and a reflection of a larger trend, as experts say that the public gold holdings are growing in terms of value, encouraging more people to cash in.
“The introduction of smart gold ATMS primarily serves a recycling function from a business perspective. With rising yellow metal 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,” Shanghai Gold Association member, Xu Weixin, said to the local media.
Gold Prices
The prices are of yellow metal are continuously rising in both the global and domestic markets. Moreover, retail price of the precious metal touched the historic high of Rs 1 lakh per 10 grams in Delhi Tuesday. The uptick was driven by the reputation as the strong safe-haven for the yellow metal, resulting in the investment demand surge.
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