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The ATM, located at Almas Tower in Dubai, was the first of up to 40 such machines that will be set up in this and next year, according to Tech in Asia.
Emirates Gold's first gold ATM in Dubai, the United Arab Emirates. Video by Emirates Gold
Over 70 designs of gold and silver bars in small denominations are available for collecting, investing, or gifting.
Users scan to pay, select products at live spot prices, and receive physical bullion instantly.
Upcoming features include online order collection and cryptocurrency conversion, as reported by Startup Story.
UAE gold demand reached 66 tonnes in 2024, driven by tourist purchases – which accounted for 30% – and by residents looking to diversify beyond real estate and equities.
Sales of small bars ranging from 1g to 100g have grown to 40% of the retail market, compared with 25% before 2020.
In May, a "gold recycling ATM" has drawn large crowds in China’s Shanghai, especially among older residents looking to cash in on long-held jewelry as global gold prices soar.
It was set up by Kinghood Group, which since last year has launched Smart Gold Stores in 40 Chinese cities, placing them in banks, supermarkets, and retail shops to bolster its retail business.
