The next time you're in the mood to buy some gold, you might want to scrap the trip to the mall and look to your nearest vending machine, at least if you're in Singapore.
As of last week, the company Asia Gold ATM unveiled two vending machines that dispense not snacks or soda, but real gold, CNBC reported. The "smart" vending machines offer a range of 24-karat gold items, including bars and coins, that are priced every day based on the standard value of gold.
One machine was placed at the Marina Bay Sands Hotel and another was placed at the Resorts World Sentosa, locations where rich locals and tourists can cash in on the golden opportunity. The concept, however, isn't new. Similar gold-on-the go machines have been introduced in Dubai, India and China in the last three years.
"We chose Singapore because it's the center of Asia, which is the center of world gold consumption," Asia Gold ATM Chief Executive Kong Kok Chee told CNBC.
Singapore is considered a hub for finance and business trading on the continent. Next moth, the Singapore Exchange is expected to launch a gold-delivery service in response to growing demand.
"Asia accounted for more than 63 percent of total world gold consumption of gold jewelry, bars, collectibles, coins and souvenirs last year," Chee said.
Using the Gold ATM's touch screen, customers can chose from several designs for their precious items. Gold bars and pendants are available in 1 to 10 grams, ranging in price from $80 to $530, CNBC reported.
So far the Gold ATMs are a big hit among Singaporeans.
"I do buy gold but never from a machine, and since I was here, I decided to come buy and take a look," Mr. Tan, who bought a 5 gram gold bar at Marina Bay Sands on Friday, told the station. "This machine is great and easy to use...Very smart."
Chee said they hope to launch more gold vending machines in Hong Kong, Macau and Malaysia.
