China installs gold ATM that verifies purity, credits amount in bank account in 30 minutes. Watch

The ATM is installed at a mall in Shanghai and is designed to accept gold items of over three grams with a purity of at least 50 percent. (Image credit: @TansuYegen/X)

China has installed a gold ATM in Shanghai that melts the precious metal, evaluates its purity and weight, and then transfers the value to a bank account within 30 minutes. No paperwork is required in the process. The machine is operated by China's Kinghood Group that weighs, checks quality, and analyses it before vending out the money equivalent to the price of the precious metal.

The ATM is installed at a mall in Shanghai and is designed to accept gold items of over three grams with a purity of at least 50 percent. According to reports, the ATM has been witnessing long queues of people trying to sell off their generational gold. Users need to book an appointment to use the gold ATM and according to Chinatimes.com, appointment slots till May are full.

During a demonstration, a 40-gram gold necklace was appraised at 785 yuan (about Rs 9,200) per gram, resulting in a payout of over 36,000 yuan (about Rs 4.2 lakh) in 30 minutes, the publication reported.

A gold ATM in Shanghai, ChinaIt melts the gold and transfers the amount corresponding to its weight to your bank account.pic.twitter.com/hFu3AjqEo2
Tansu Yegen (@TansuYegen) April 19, 2025

“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,” Wion quoted Xu Weixin, a member of the Shanghai Gold Association, as saying. "There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases."