China’s Gold ATM Goes Viral – Turn Your Gold Into Cash Instantly

A new gold ATM in Shanghai is making headlines worldwide. It lets people sell gold items quickly without paperwork.

The machine, placed in a local shopping mall, turns gold into cash in just 30 minutes. It is developed by Shenzhen’s Kinghood Group and is gaining popularity as gold prices rise.

How the Gold ATM Works

The machine accepts gold jewelry, coins, and bars. These must weigh at least 3 grams and be at least 50% pure. Once inserted, the gold is melted at 1,200°C. High-tech sensors then check its purity and weight.

The machine uses real-time gold prices from the Shanghai Gold Exchange. It calculates the payout and deducts a small service fee. The money is sent straight to the seller’s bank account within half an hour.

Why Is It So Popular?

Gold prices are at record highs globally. Many people in Shanghai have old or inherited gold they want to sell. The ATM makes the process fast and hassle-free. No paperwork or long waits at jewelry shops are needed.

According to Chinatimes.com, the demand is so high that appointments are booked until the end of May. In a recent test, a 40-gram gold necklace was sold for over 36,000 yuan (around AED 18,200).

Benefits Over Traditional Gold Selling

Normally, selling gold involves visiting multiple jewelers. They may offer different prices. Some may even cheat sellers by underweighing or undervaluing the gold. The ATM removes these risks.

The machine’s sensors give accurate readings. The price is based on live market rates. This ensures fairness. Also, the quick bank transfer is safer than carrying cash.

Future of Gold ATMs

Kinghood Group plans to install more such machines across China. If successful, they may expand to other countries. The idea could change how people sell gold worldwide.

For now, Shanghai’s gold ATM is a big hit. It shows how technology can simplify financial transactions. As gold prices keep rising, more people are expected to use this convenient service.