In India they enabled a gold ATM

They can be bought from half a gram to 100 grams. It is installed in the city of Hyderabad, in the south of that country.

Inserting a credit or debit card and pressing a couple of buttons is all it takes to buy gold, at the market price updated in real time, on the first ATM that dispenses this metal lovely opened this week in India.

“Today I have bought gold from an ATM, it is a new experience for me. I have bought a gram of gold with this new technology,” a smiling customer swore this Thursday in a video shared by the company Goldsikka,behind this vending machine opened in the southern city of Hyderabad.

In a country obsessed with this precious metal, one of the main world markets where it is associated with religious cults and ostentatious jewelry Worn mainly by women but also by some men, the company promises to “complete basic transactions to buy gold without having to go to any jewelry store,” according to a press release.

Goldsikka facilitates access to between half a gram and one hundred grams of gold “at the lowest possible price”, purchases linked to the market price that is updated in real time: “Customers can buy gold instantly using any credit or debit card.”

The company hopes, between a rise in the prices of this metal considered a safe value in times of crisis and which reaches almost 54,000 rupees per ten grams (about 655 dollars), to create a network of its gold-colored ATMs in the southern city and “especially in rural areas.”

According to the latest report from the World Gold Council, India is largely behind the increase in global sales of this precious metal between the past July and September, “due to a return to the levels of economic activity prior to the coronavirus”.

It is traditional to make gold offerings to some gods, but also to give it away at births, birthdays or celebrations marked as the important Hindu festival of Diwali. It is also the star metal of the lavish weddings of the Asian country.

In fact, according to the World Gold Council, marriages generate approximately 50% of the annual demand for the precious metal in India. EFE

By Editor

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