Shanghai made history with the world’s first ‘gold ATM.’ This innovative machine by China’s Kinghood Group redefines gold selling by using advanced technology to assess gold quality and dispense cash equivalent to its value. Due to surging gold prices, people are rushing to this ATM in a Shanghai mall to sell family jewelry.
The Shanghai Gold ATM offers a buyback price of $98 per gram and sells AU999 gold jewelry at $116 per gram, slightly lower due to Kinghood Group’s gold mining rights. Despite this, the China Gold sales representative noted that their customer traffic is quieter than other stores lacking direct mining sources.
Xu Weixin, from the Shanghai Gold Association, highlighted that smart gold ATMs mainly recycle gold for business purposes due to the soaring gold prices, which have sparked heightened public interest in cashing out. He cautioned against hastily selling gold for instant gains, proposing a strategy of holding onto it for long-term benefits.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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