Turn gold into cash in 30 minutes with China’s new smart ATM
3 Min Read
China plans to enable overseas gold delivery, expanding access to global buyers as gold demand surges amid economic uncertainty.
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Gold ATM in Shanghai, China, undated (ScreenGrab/Social Media)
China has launched an innovative gold ATM in Shanghai that melts and verifies gold items, converting them into cash and transferring the value to users' accounts within just 30 minutes, no documents required.
Developed by Shenzhen-based Kinghood Group, this breakthrough comes amid soaring global gold prices.
Reports on Friday highlighted that locals and tourists are lining up to exchange traditional gold jewelry and items for instant payouts. This surge in interest aligns with gold's role as a haven during global economic uncertainty.
"With rising gold prices, public interest in liquidating gold has increased significantly," said Xu Wei Xin of the Shanghai Gold Association.
According to reports, institutional and central bank acquisitions have also driven demand, and China’s gold ATMs are now providing efficient public access to the gold market.
How the Gold ATM works
The machine processes gold items weighing more than 3 grams with a minimum purity of 50%.
🇨🇳 China has installed gold ATMs.
— Lord Bebo (@MyLordBebo) April 20, 2025
You can deposit gold, the machine melts the gold, determine its weight and fineness in 3 minutes, and then transfer money to your account.
The entire process takes about 30 minutes. pic.twitter.com/k132rDuJoY
After melting and sensor-based purity testing at 1200°C, it calculates the cash value based on current Shanghai gold rates, deducts service fees, and transfers the money directly to users’ bank accounts within 30 minutes.
Key specifications:
- Accepted Items: Gold jewelry, coins, or bars (>3g, >50% purity)
- Analysis: Melting at 1200°C with sensor-based purity testing
- Pricing: Based on Shanghai gold exchange rates
- Payout: Direct bank transfer minus service fees
- Processing Time: 30 minutes to complete
Gold price hits record $3,405
This comes amid soaring gold prices, which hit a record high on April 22, reaching $3,405.19 per ounce, as global trade tensions intensified and investors flocked to safe-haven assets. Driven by fears of further escalation in the US-China trade war, gold prices rose over 2.3% in a single day.
The new peak reflects growing market anxiety over the economic fallout from the latest round of tariffs imposed by the world’s two largest economies.
In addition to trade fears, central banks' recent moves to cut interest rates have fueled gold’s rise. The European Central Bank reduced rates by 25 basis points last week, contributing to the metal's upward momentum.
With uncertainty looming over global markets and further rate cuts anticipated, gold continues to serve as a refuge for investors seeking stability in turbulent times.
China to enable overseas gold delivery
On that note, the South China Morning Post on Wednesday reported that China is advancing plans to enable overseas delivery of certain commodities traded on the Shanghai Gold Exchange, a step aimed at boosting the global profile of the yuan and limiting dependency on US-controlled financial systems.
This move is outlined in a newly released action plan by top Chinese regulators, including the People's Bank of China, the National Administration of Financial Regulation, the State Administration of Foreign Exchange, and the Shanghai Municipal Government. The blueprint aims to reinforce Shanghai's role in cross-border financial services, particularly in support of outbound investments and the Belt and Road Initiative.
"We will support the Shanghai Gold Exchange and other institutions in cooperating with overseas exchanges through product licensing, and expand the use of renminbi-denominated benchmark prices in major international markets," the agencies stated.
