News

Gold to Go unveils another gold-dispensing ATM in London

July 4, 2011

According to Stuff, German company Gold to Go has deployed another gold vending machine. The ATM is located in the Westfield shopping center in west London.

Gold to Go unveiled its first ATM in Abu Dhabi's Emirates Palace hotel in May of last year. The machines are also located in luxury hotels in Abu Dhabi, Bergamo, Madrid and Germany.

Each machine updates the gold price every 10 minutes to correspond with international markets. By feeding the ATM cash or paying with a credit card, consumers can buy gold dispensed in 1 gram, 5 gram, 10 gram and 1 ounce unit bars, in addition to coins such as South African Krugerrands, Australian Kangaroos and the Canadian Maple Leaf.

A 1 gram coin goes for about £40 (US$77). The market price of gold has risen steadily for the past 10 years, from about US$270 per ounce in 2001, to just around US$1,500.