Gold vending machine in China

Gold vending machine in China

China'sfirst gold vending machine has made its debut in Beijing as the price of the precious metal continues to soar.

The machine was designed by Gong Mei Group and Beijing Rural Commercial Bank.

Workers carried out a test procedure and successfully completed a sale of a piece of gold on Sept 23.

Gong Mei Group said that the machine will be open to the public soon.

Two models posing with China's first gold vending machine during the launch

The vending machine looks similar to a Coke dispensing machine, except that it automatically updates its prices to the latest gold price every 10 minutes.

A total of 320 pieces of gold or related products will be available in the machine every day.

The biggest piece of gold weighs approximately 2.5kg and is worth approximately one million yuan (RM498,499).

The machine only accepts 50 and 100 yuan bills or credit card purchases and does not offer returns.

The group said that the gold vending machines will be placed at public locations where security is available.
Source: wantchinatimes.com
Image Credit: CFP

Published Sept 26 2011