In a high-tech twist to gold trading, a mall in Shanghai has introduced an ATM that allows users to sell their gold jewellery and receive payment within 30 minutes, no paperwork required.
The smart gold ATM, developed by China's Kinghood Group, is designed to analyse, melt, and weigh gold items, determine their purity, and transfer the equivalent amount directly to the seller's bank account. The machine accepts gold items weighing over three grams with a purity level of at least 50 per cent.
Reports say the machine has drawn large crowds, with many residents queuing up to sell heirloom and generational gold amid soaring global prices. According to Chinatimes.com, all appointment slots to use the machine are booked until May, underscoring the high demand.
A gold ATM in Shanghai, China
— Tansu Yegen (@TansuYegen) April 19, 2025
It melts the gold and transfers the amount corresponding to its weight to your bank account.
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During a demonstration, a 40-gram gold necklace fetched 785 yuan per gram (approximately Rs 9,200), resulting in a payout of over 36,000 yuan-or around Rs 4.2 lakh-in just half an hour.
While the concept may appear futuristic, experts say it reflects a broader trend: public gold holdings are growing in value, prompting more individuals to encash them.
"The introduction of smart gold ATMS primarily serves a recycling function from a business perspective," Xu Weixin, a member of the Shanghai Gold Association, told local media. "With rising gold 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."
Gold prices have surged in recent months, prompting a spike in both investment demand and resale interest globally-including in India, one of the world's largest gold markets.
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