What Is the Newly Launched 'Gold ATM'? Young People Flock to Buy Gold Quickly in China

If You Place Gold on the Designated Tray, You Can Instantly Check the Weight and Price
The Fee Is About 3,450 Won

Amid growing interest in gold investment due to concerns over a possible U.S. economic recession, gold ATMs that allow people to directly buy and sell gold have appeared in China.

According to China Network on May 22, there is a gold ATM on the second floor of Global Harbor in Shanghai, where users can buy and sell gold by themselves.

Consumers standing in front of a gold ATM. Photo by Jin Yapoo Smart Gold Shop

Consumers who wish to purchase gold simply need to enter their mobile phone number and verification code into the machine, confirm their payment method, and click to complete the purchase. When measuring or selling gold, users just place the gold on a designated tray, and the machine immediately displays the weight and price. The funds are deposited into the account within 30 minutes. The gold price is determined based on the real-time price set by the Shanghai Gold Exchange. After deducting a fee of 18 yuan (approximately 3,450 won) per gram, users can check the expected buyback amount.

All gold between 3 and 1,000 grams can be bought and sold. People who want to know the value of gold purchased online or gold they have at home can also measure its weight and price for free. After the measurement, a free inspection report is printed for immediate confirmation.

A consumer surnamed Liu told China Network, "I want to buy accessories in the style I like, but first I wanted to know how much gold I have, so I came here," adding, "Using the smart gold trading service platform is simpler than going to a gold shop, and it's convenient because I can see the entire process myself."

Promoting GeumATM on the bus. Jinyapu Smart Gold Shop

Gold ATMs can also be found in cities such as Xiamen and Hefei, in addition to Shanghai. Guangming Network recently reported that a gold ATM has appeared in Xiamen, stating, "As gold prices have recently experienced a roller-coaster ride, public interest in buying and selling gold has been increasing." The report also added, "Compared to the services of regular gold shops, gold ATMs are easy to use, the procedures are transparent, and efficiency is high. They are attracting the attention of the younger generation."