Shanghai has introduced a gold-processing ATM that melts jewelry and instantly transfers the cash value to a user’s bank account within 30 minutes. The Kinghood machine accepts items weighing from 3 grams with purity levels starting at 50%, providing on-the-spot valuation based on live Shanghai Gold Exchange prices.
The fully automated process removes the need for paperwork or visiting a physical dealer, offering a faster and more transparent alternative to traditional gold resale channels. The device verifies purity, processes the metal, and credits funds directly, reducing delays and minimizing manual handling.
Analysts say the system highlights China’s push toward digitizing precious-metal transactions and increasing liquidity for retail holders. The model could gain traction in other major cities as consumers seek more efficient ways to convert gold into cash.