Abu Dhabi hotel gets a gold ATM

On Wednesday, the Emirates Palace hotel in Abu Dhabi installed an ATM-style kiosk that dispenses gold.

According to an article by the Associated Press, the kiosk monitors the daily price of gold and allows customers to get gold bars of up to 10 grams or coins with customized designs.

The device is the idea of German entrepreneur Thomas Geissler, who tested cash-for-gold machines in Germany in 2009. As of Wednesday, gold hit a record high of more than $1,245 an ounce.