Markets

UAE opens world's first gold ATM

ABU DHABI (Commodity Online) : World's first Gold ATM started functioning at Abu Dhabi's Emirates Palace Hotel.

The gold to go machine, developed by Germany's TG-Gold-Super-Markt, dispenses 24 carat one gram, five gram and 10 gram pieces of gold as well as coins bearing designs such as the Krugerrand, Maple Lea and Kangaroo.

A computer in the machine, itself gold-plated, constantly keeps prices in line with the firm's online store.

Gold rates are constantly updated inside the machine in the hotel's lobby, courtesy of a built-in computer connected to a dealer which sells gold online.

This eliminates the risk premiums usually associated with precious metal trading," the German company said.

Last May the company showcased a machine at Frankfurt railway station and claimed it would install 500 of them ATMs in Germany, Switzerland and Austria

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities