A new self-service gold trading machine has recently appeared in a shopping mall in Suzhou City of east China's economically developed Jiangsu Province, offering an innovative and efficient way for people to recycle or purchase gold as the safe-haven metal's lure grows.
The ATM machine with a bright golden hue features two functions: "intelligent gold recycling" and "self-service gold purchasing".
After a gold nugget is placed onto a tray, the machine will immediately begin to assess its weight and purity. For instance, a 6.26-gram nugget was valued at 4,830.97 yuan (about 662.81 U.S. dollars) after deducting a service fee.
"We base our recycling price on the real-time gold prices from the Shanghai Gold Exchange. Right now, the recycling price is 789.55 yuan (about 108.33 U.S. dollars) per gram. During the entire recycling process, a service fee of 18 yuan (about 2.47 U.S. dollars) per gram will be charged," said Chen Jia, manager of the gold store which has adopted the machine.
After the initial assessment, customers will have the option to either proceed with the sale or retrieve their gold if they change their mind.
For those opting to sell, they simply enter their bank accounts and proceed to the next step. The machine then melts the gold through high-heat processes, followed by cooling, before completing the transaction. Within around 30 minutes, the amount of money from the transaction will be transferred to the customer's account.
Many residents in Suzhou are intrigued by this new golden ATM and are eager to try it.
"Isn't everything intelligent now? You don't have to worry about being cheated in weight. In terms of the service fee, other gold stores also charge it," said a local resident.
Gold prices have been on a steady upward trajectory, boosted by global instability, inflation concerns and robust central bank buying, rewarding those who were early investors in the precious metal.

ATM machine for gold recycling, purchase unveiled in east China's Suzhou