Gold ATM: This machine is China gives cash in exchange of gold

Shanghai : In current world most things are available at click of a button; China has gone a step further as it has apparently installed ATM machines which are now providing cash in exchange of gold without any paper work and in less than 30 minutes.

A video is going viral on social media which shows a cutting-edge "Gold ATM" that melts, evaluates and pays the amount to the user within half an hour. While all this may sound like a futuristic concept but everything is possible in China, where such machines are actually been installed and attracting many people’s attention amid soaring global gold prices.

Check out the viral video below:

Developed by the Shenzhen-based Kinghood Group, this gold-to-cash machine is now operational in Shanghai. Here’s how it functions: users can deposit gold items– jewellery, coins, or bars– as long as the weight is above 3 grams and purity exceeds 50%.

It has been learned that the machine works by melting down the gold jewelry at 1200 Degree Celcius and then measures the purity of the metal and accordingly weighs it. Post this, as per latest rates on Shanghai Gold Exchange; the amount is transferred to the account of the beneficiary without any paperwork required.

The launch of Gold ATM timing could not be better as the prices are currently soaring in the market and most people are looking forward to move to suitable investing option.

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