Set up in the southern city of Hyderabad, the gold ATM is the brainchild of GoldSikka and dispenses gold coins that weigh anywhere between 0.5 and 100 grammes. Two-thirds of the country’s gold demand usually comes from rural areas, where jewellery is a traditional store of wealth. The gold ATM, which began operations on Saturday, can store up to 5 kilogrammes of the precious metal. On a recent evening, several customers lined up to buy gold coins, inserting their credit cards into the machine and then choosing the weight of coin. So, whoever goes in for investment, I think this is the best way to take gold,” one customer said.

Source: Bangkok Post December 09, 2022 01:10 UTC