A remarkable gold ATM in Shanghai is drawing global attention for its ability to streamline and automate the sale of gold items—offering users instant bank transfers without the need for paperwork. Installed in a local shopping mall, the machine accepts gold jewelry, coins, and bullion, melts them down, verifies purity and weight, and deposits the calculated value into the user’s bank account—all within 30 minutes.
Developed by the Shenzhen-based Kinghood Group, the machine represents a significant advancement in financial automation within the precious metals sector. As global gold prices surge, the ATM has quickly gained popularity, with long queues of shoppers and residents eager to convert old or inherited gold items into cash.
According to Chinatimes.com, demand for the service is so high that appointment slots are fully booked through the end of May. In a recent demonstration, a 40-gram gold necklace valued at 785 yuan per gram (approximately AED 397) resulted in a payout exceeding 36,000 yuan (around AED 18,200).
How the machine works
- The machine accepts gold jewelry, coins, and bullion weighing over 3 grams, with a minimum purity of 50%.
- Items are melted at 1,200°C and analyzed using precision sensors to determine purity and weight.
- The payout is calculated based on real-time rates from the Shanghai Gold Exchange, minus a nominal service fee.
- Funds are transferred directly to the user’s bank account within 30 minutes.
