Typically, we exchange gold for cash at jewelry stores or lending institutions. But have you ever seen an ATM where you deposit gold and withdraw money? Have you ever heard of a gold ATM? China, a leader in innovation, has now introduced gold ATMs. Installed in a shopping mall in Shanghai, this gold ATM is capturing everyone’s attention.
We are familiar with ATMs for withdrawing or depositing cash. But have you ever heard of an ATM where you deposit gold to receive cash? This remarkable innovation is real. The gold ATM has been set up at the Global Harbor shopping mall in Shanghai, China. Developed by Shenzhen-based Kinghood Group, this Smart Gold ATM is drawing global attention.
Anyone can deposit their gold jewelry, bars, or biscuits into this ATM. Within 30 minutes, the equivalent cash value is transferred to the user’s bank account. Transactions through this ATM are straightforward. First, the machine weighs the gold. It then checks if the gold has 99.99% or 99% purity. The gold is melted at 1,200 degrees Celsius to verify its purity, and the value is displayed based on real-time rates from the Shanghai Gold Exchange. The machine calculates the cash amount accordingly, and within 30 minutes, the funds are transferred to the user’s bank account. A service fee of 18 yuan (approximately 210 rupees) per gram is charged for this process.
The ATM accepts gold weighing more than 3 grams with a minimum purity of 50%. No paperwork is required for the transaction, though users must enter their identification number and bank card details. Currently, this gold ATM is highly popular among Chinese consumers. Manufacturers recently revealed that approximately two kilograms of gold were deposited in the ATM in a single day. However, users have noted that the process takes longer than expected and suggested improvements to the ATM’s performance.
Amid rising global gold prices, this ATM enables people to easily convert their heirloom gold into cash. When the ATM was launched in Shanghai on April 16, 2025, gold prices had crossed 3,400 USD per ounce (approximately 1,000 yuan per gram). The machine is already operational in 100 cities across China, with a second unit planned for Shanghai soon.
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