'ATM' That Melts Gold Down, Sends Funds To Account Spotted In China

With Chinese traders continuing to send physical gold premiums higher, a new 'ATM' has been spotted in Shanghai that accepts physical gold, melts it down, determines its purity and weight, and then sends funds to one's bank account within 30 minutes.

The machine, made by China's Kinghood Group, will accept any gold items weighing over three grams and at least 50% purity, and will process it and transfer the equivalent value straight into the seller's bank account within 30 minutes, according to India Today, which notes that "No paperwork or ID is needed."

Thanks to rising gold prices, people are lining up to cash in their old jewellery, reports mention. The demand is so high that users now need to book a slot to use the machine. Reports say all appointments are booked till May, reflecting its strong demand, as per Chinatimes.com.

In one demonstration, a 40-gram gold chain fetched 785 yuan (around Rs 9,200) per gram. The total payout? Over 36,000 yuan, or Rs 4.2 lakh, credited to the seller's account in half an hour, according to the publication.

Chairman of RPG Enterprises, Harsh Goenka, posted to X: "Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly," adding "If this comes to India, traditional gold lenders might need a new business model."