NEWS & ADVICE : CREDIT CARDS
Gold ATMS and issues related to it
By Ankit Sharma
Oct 25, 2010
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Indians have been investing in gold since long time. With growing market for gold in the country, it is said that soon there might be ATMs dispensing gold in India. Such ATMs are already prevelant in some countries.

A gold ATM would mean an ATM which would dispense gold instead of cash to the customer. The gold may be in the form of coins or bars.

The machine dispensing gold should have options for the customer to select from. The customer should thus be able to get coins worth 1gm and bars worth 1 kg also.

The prices of gold should automatically be linked to the prevailing market rates. Thus the ATM should be such that it automatically updates the gold prices every 10 minutes so that the customer gets the most recent prices of gold while buying.

However, since gold is a very valuable metal, thus gold ATMs cannot be expected to be as frequently located and accessible as cash ATMs.

These are some factors which are worth consideration while introducing gold ATMs in India.


 


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