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The Globe and Mail

China's unveils its first gold vending machine

Shoppers can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices

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Chinese bank staff stand by the country's first gold vending machine in the popular Wangfujing Street in Beijing. Gold vending machines already exist in Britain, the United States, the Middle East and Europe.

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Shoppers can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices. China is the world's second largest bullion consumer after India.

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Each withdrawal is capped at 2.5 kilograms or 1-million yuan (about $156,500 U.S.) worth of gold.

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The machine's first customer displays her gold bar. The Chinese bank plans to install an unspecified number of machines in secure locations such as gold shops and upmarket private clubs.

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