Gold ATMs serve the purpose of letting people buy certified physical gold coins or sell old gold jewellery for instant cash without visiting a traditional showroom. They dispense 24-karat, 999-purity hallmarked gold coins in small weights (from 0.5 grams up to 100 grams) using a credit or debit card. They also help sell gold. Some advanced machines analyse, weigh, and melt old gold jewellery on-site to instantly transfer equivalent cash values into a bank account. Real-time pricing from global bullion markets is the basis for valuation, so customers pay or receive transparent market values without hidden fabrication or wastage fees.

The United Arab Emirates (UAE) has the distinction of being home to the very first gold ATM introduced at the Emirates Palace hotel in Abu Dhabi in May 2010, with newer fintech-powered networks expanding across the UAE. Now it has a presence in most of the major economies of the world. Launched in India in December 2022 in Begumpet, Hyderabad, by Goldsikka, with tech support from OpenCube Technologies, it hasn’t had many takers, though such ATMs might have registered a good number of footfalls. There is also a gold ATM in the temple town Tirupati to cater to pilgrims wanting to offer gold coins at His feet. Gold ATMs face a lukewarm response in India due to high trust in traditional jewellers, the large ticket size of gold purchases, and the preference for personalised jewellery experiences........

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