BRICS: China Unveils First Gold ATM: Melts and Converts Gold
BRICS member China has unveiled the world’s first Gold ATM that melts, tests, and converts gold into instant bank transfers. The ATM has already witnessed long queues of people trying to sell off their generational gold. Users need to book an appointment to use it, and according to early reports, appointment slots are full until as late as May.
— BRICS News (@BRICSinfo) April 21, 2025
China unveils world's first Gold ATM that melts, tests, and converts gold into instant bank transfers. pic.twitter.com/xgBZPvdQtP
The Gold ATM is operated by China’s Kinghood Group and is installed at a mall in Shanghai. The machine weighs, checks the quality, and analyses the Gold before dispensing the money equivalent to the price that was put in. The ATM is designed to accept gold items of over three grams with a purity of at least 50 percent.
“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.”
XAU/USD Surges to All-Time High as China Begins Using Gold ATM
Furthermore, the development from China also comes as Gold prices globally are skyrocketing. Indeed, the precious metal touched the historic milestone of $3,400 on Monday. The XAU/USD index, which tracks the performance of the precious metal, showed the commodity surging 70 points, spiking more than 2% in the day’s trade. The Spot Gold prices have risen close to 30% year-to-date, generating stellar returns to investors. Commodity traders who took an entry position this year are all enjoying profits as the metal is heading north. This is the highest the glittery metal has surged in the last four months since 2010.
Also Read: Trump: “Tariffs are Going Well, Everybody Wants to Negotiate”
The steady yet unending accumulation of gold, as well as China’s new Gold ATM, could send its prices higher by the end of 2025. Senior Bloomberg strategist Mike McGlone recently predicted that the metal could soon hit the $4,000 mark next. “We’re putting in a pretty good base now around $3,000,” McGlone said. “It’s going to head into $4,000, the question is time. Anything in between there is for the traders, which I used to do.”
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BRICS: China Unveils First Gold ATM: Melts and Converts Gold
BRICS member China has unveiled the world’s first Gold ATM that melts, tests, and converts gold into instant bank transfers. The ATM has already witnessed long queues of people trying to sell off their generational gold. Users need to book an appointment to use it, and according to early reports, appointment slots are full until as late as May.
— BRICS News (@BRICSinfo) April 21, 2025
The Gold ATM is operated by China’s Kinghood Group and is installed at a mall in Shanghai. The machine weighs, checks the quality, and analyses the Gold before dispensing the money equivalent to the price that was put in. The ATM is designed to accept gold items of over three grams with a purity of at least 50 percent.
“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.”
XAU/USD Surges to All-Time High as China Begins Using Gold ATM
Furthermore, the development from China also comes as Gold prices globally are skyrocketing. Indeed, the precious metal touched the historic milestone of $3,400 on Monday. The XAU/USD index, which tracks the performance of the precious metal, showed the commodity surging 70 points, spiking more than 2% in the day’s trade. The Spot Gold prices have risen close to 30% year-to-date, generating stellar returns to investors. Commodity traders who took an entry position this year are all enjoying profits as the metal is heading north. This is the highest the glittery metal has surged in the last four months since 2010.
Also Read: Trump: “Tariffs are Going Well, Everybody Wants to Negotiate”
The steady yet unending accumulation of gold, as well as China’s new Gold ATM, could send its prices higher by the end of 2025. Senior Bloomberg strategist Mike McGlone recently predicted that the metal could soon hit the $4,000 mark next. “We’re putting in a pretty good base now around $3,000,” McGlone said. “It’s going to head into $4,000, the question is time. Anything in between there is for the traders, which I used to do.”
Read More