China has deployed an innovative gold ATM in Shanghai that processes gold items by melting them, verifying their authenticity and mass, before transferring the corresponding value to users’ accounts within 30 minutes, without documentation.
This advancement, created by the Shenzhen-based Kinghood Group, has gained traction at a time when global gold prices are skyrocketing. Local residents and visitors are forming queues to exchange their traditional jewellery and gold pieces for immediate payment, reports suggest.
Market dynamics
The increased interest coincides with gold’s status as a safe haven asset during global economic uncertainty. Xu Weixin of the Shanghai Gold Association has reportedly said that “with rising gold prices, the public’s desire to cash out has significantly increased.” Institutional and central bank acquisitions have boosted demand, with China’s gold ATMs providing efficient public access to this market.
Operational details
The device processes gold items above 3 grams with 50 per cent minimum purity, converting them to cash value based on current Shanghai exchange rates, deducting service charges, and transferring funds to bank accounts within 30 minutes.
Specifications:

Netizens intrigued
The ATM gained worldwide attention after Turkish tech influencer Tansu Yegen shared a video on X, which received over 1.4 million views
Tech commentator Advait Arora noted, “Wow, a Gold ATM that melts your gold and sends the money straight to your bank. That’s how China does innovation.”
The innovation sparked widespread online discussion, generating admiration and interest. Users praised its combination of traditional values with modern technology, whilst some expressed desire for similar services in their countries. “This isn’t the future — it’s happening now,” said an X user.
“Gold > paper. The future is ancient,” said another social media user sharing the video of the ATM.