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Get gold bars,coins from this ATM!

Last updated on: May 14, 2010 20:30 IST

Get gold bars,coins from this ATM!

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The world's first gold vending machine unveiled at Abu Dhabi's Emirates Palace Hotel, began attracting customers minutes after it was opened.

Apparently unveiled to cater to Asians' obsession with the yellow metal, the 'Gold To Go' machine gives out one, five and 10 gm gold bars as well as gold coins, The National newspaper reported.

 

 


Image: Ex Oriente Lux CEO Thomas Geissler (L) and an Emirati official unveil a gold-plated ATM.
Photographs: Reuters.
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Built by German gold bullion dealer TG-Gold-Super-Market, the gold vending machine which was formally opened on Thursday.

It gives an instant display of gold rates. The Emirates hotel is calling it its 'golden service'.


Image: Customers use a gold-plated ATM machine.
Photographs: Mosab Omar/Reuters.
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Six gold coins of varied weights and engraved with symbols of gold-producing nations Canada, Australia and South Africa, are also dispensed by the machine.

A one gram gold costs Rs 2,141.36, while a 5 gram bar goes for Rs 9,298.54 and Rs 56,832.41 for an ounce bar.


Image: A man uses the ATM at the Emirates Palace Hotel in Abu Dhabi.
Photographs: Mosab Omar/Reuters.
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The machine is protected by a range of security measures, including anti-money laundering software.

It also tracks the gold price on fluctuating markets with an inbuilt website that transmits the information every 10 seconds, and updates the price accordingly every 10 minutes.


Image: Customers use the ATM at the Emirates Palace Hotel.
Photographs: Mosab Omar/Reuters.
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