At Shanghai’s Global Harbor shopping mall, a gold ATM attracts long lines, with some customers having to make reservations as far in advance as May.

On social media, video clips show the gold exchange process is very quick and transparent. Customers deposit gold, which is then weighed, melted and assessed for quality.

For example, a 40-gram gold necklace valued at 785 yuan per gram ($108) would receive a payment of more than 36,000 yuan ($4,900) within 30 minutes.

Operated by Kinghood Group, a Shenzhen-based jewelry company, the ATM can accept gold items over 3 grams with a purity of at least 50%.

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Gold ATM attracts customers to exchange gold for cash.

The recycling process involves identity verification, melting at temperatures above 1,000 degrees Celsius and purity testing. The service fee is 18 yuan ($2.50) per gram, deducted from the customer's gold sales proceeds.

Zhang Yewan, a resident, shared that stores often advertise buybacks at high prices, but in reality there is a lack of transparency and he does not fully trust the valuation.

“With gold ATMs, at least the process is standardized and transparent. Even if the price difference is not big, I still prefer to rely on technology,” he said.

As a major enterprise in China's gold industry, since 2019, Kinghood has launched the first generation of Smart Gold Stores with unique "gold ATM terminals", integrating purchasing, customization and recycling services into a single platform.

Last year, the company announced the first global version of the Smart Gold Store, with high-precision electronic scales compatible with global units of measurement and a universal detector with an error of just 0.01%.

According to Kinghood, the system supports mobile registration in more than 200 countries, multi-currency payments in at least half of those countries, and real-time prices with international gold trading markets. The system can be customized to meet different regulatory, metrological, and language requirements around the world .

Xie Chengcheng, CEO of Kinghood's Shanghai region, said the company plans to expand with the goal of deploying more than 100 gold ATMs across Shanghai and cities such as Beijing, Guangzhou, Shenzhen and Hong Kong.

However, the gold ATM is seen as affecting traditional gold buying activities. Local gold speculators and gold dealers complain that business has declined, cash flow and service speed cannot keep up with the ATM.

For many customers, real-time pricing and fixed service fees of gold ATMs are key advantages.

Xu Weixin, a member of the Shanghai Gold Association, said the gold ATMs have attracted a large number of people to exchange gold for cash when prices are high. However, he advised people not to rush to sell their gold and consider holding it for a while longer.

“There is still strong upside momentum for gold, mainly due to central banks and institutional investors accelerating gold purchases,” he said.

(According to Mining)

Source: https://vietnamnet.vn/gia-vang-tang-vot-trung-quoc-gay-bat-ngo-voi-atm-vang-2394890.html