World's first 'Gold ATM' installed in Shanghai, China : Crowd of interested people

Gold prices have been piercing the roof, and with that, it seems like a good time to sell the gold. But in China, the selling has taken a modern turn as locals are giving the country's first 'Gold ATM' a shot. Ditching the traditional gold selling pattern, this comes as the ATM is speeding up the process with the latest technology.

The machine operated by China's Kinghood Group weighs, checks quality, and assays before vending out the money equivalent to the price of the yellow metal. The Shanghai mall is currently seeing long queues of people trying to sell off their generational gold they have been holding on to, and maybe for a much increased price over the value of its purchase. Gold is only getting expensive by the day.

“Our store’s gold buyback price is $98 per gram, and the selling price for AU999 gold jewelry is $116 per gram. Since we have our own gold mining rights, both our selling and buyback prices are slightly lower than other branded stores. That said, customer traffic is still relatively quiet at the moment,” a sales representative from China Gold told reporters at the mall, as quoted in the news outlet mining.com.

“We’re doing a bit better compared to others, but gold shops without direct mining sources are seeing even weaker business,” the sales representative added.

“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective. This reflects the fact that, with rising gold prices, the value of gold held by the public has increased significantly, leading to a stronger desire to cash out,” Xu Weixin, a member of the Shanghai Gold Association, told reporters.

“There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases,” he added. He further advised people to hold on and not rush into the instant gratification of selling gold. He says they should consider holding it for longer.