New gold ATM in Shanghai mall becomes popular attraction

It can melt your gold, determine its purity and send you money for it within 30 minutes

Rowan Dunne

Published

6 hours ago

As the price of gold surges to unprecedented heights many people are looking to sell jewellery and other gold items that have been collecting dust.

This is particularly true in Shanghai, China. At one the Chinese city’s busiest shopping malls, citizens have been lining up for hours to use a newly installed gold ATM. According to an article from the China Times, they have to schedule an appointment and all slots are booked until next month.

Developed by the Fortune China 500 company Shenzhen Kinghood Group, the Smart Gold Store machine can melt gold items, determine their purity level and pay the user within half an hour. It will take pieces that weigh at least 3 grams with minimum 50 per cent purity. Sellers get charged about 18 yuan or C$3.41 per gram, which is significantly higher than other trading outlets.

The automated gold shop has been primarily attracting attention for this capability, but it also sells bullion. These ATMs have been set up in over 40 locations throughout the country and the company plans to install at least 60 more.

“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective,” Xu Weixin, Shanghai Gold Association member, told Chinese media. “With rising gold prices, there’s a stronger desire to cash out. The upward momentum is largely driven by central banks and institutional investors increasing their gold reserves.”

Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly.

If this comes to India, traditional gold lenders might need a new business model.
Transparency in. Exploitation out. pic.twitter.com/KgjI7nxCP9

— Harsh Goenka (@hvgoenka) April 21, 2025

Kinghood aims to expand internationally

The Smart Gold Store officially made its Chinese debut in June.

After setting up the ATM in major Chinese cities like Beijing and Shenzhen, the company fine-tuned an international version of the machine and showcased it at the 2024 China Gold Congress & Expo in Shanghai a couple of months later.

“It will integrate with local physical gold trading markets, gold prices and third-party payment platforms to facilitate settlements in all major global currencies,” Kinghood manager, Xiao Yingjie, told the China Times in August.

The Smart Gold Store was recognized for manufacturing innovation at the 2024 Jewellery World Awards (JWA) Sustainability Awards showcase.

China has been the world’s top gold producing nation for the past 18 years. On top of its record-high price, the yellow metal has significant cultural value in the country and is a popular gift on special occasions.