To satiate its rising taste for bling, China introduces first gold vending machine in Beijing. Rated as the world’s second largest bullion consumer, China encourages shoppers to use cash or bank card for buying gold bars or coins of different weights. Based on current market prices, a consumer can withdraw only upto 2.5 kg or one million yuan ($157,000) worth of gold. Launched by the Beijing Agricultural Commercial Bank and a gold trading company, many such machines will soon be seen at various locations to lure investors. We’ve already seen such gold vending machines at Abu Dhabi, Dubai, South Florida, Las Vegas and various locations in Europe too. I wonder when India, the world’s biggest gold consumer, will launch the country’s first gold vending machine!
Written ByDeepa Thukral