According to a report published in a major business portal, such gold ATMs have been installed in Shanghai, China, in which when you put gold or gold jewelery, the machine immediately melts gold.
Its purity and weight are examined and the amount of this gold is deposited in the bank account. This entire process is completed in just thirty minutes and you do not have to do any paperwork to complete it. This machine has been installed by the Kinghead Group of China.
Established in a mall in Shanghai, China, this gold ATM can accept more than three grams of weight and more than 50 percent purity gold jewelery or any other item. According to news media reports, there were huge crowds and queues at this gold ATM to sell their traditional jewelery. According to a report published in Chintimes.com, all slots of May have been booked to use this gold ATM. The report also said in a video showing how the machine works, it was prescribed a 40 grams of gold necklace and its value was fixed at 785 yuan (Rs 10,200 per 10 grams) and within 30 minutes a total of 36,000 yuan, ie 10 rupees. 4.2 lakh rupees were deposited. In this report, a member of the Shanghai Gold Association said that this smart gold ATM has been established with the intention of working as a recycling unit in terms of gold business.
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