News in Brief

Indian ATM Goes for Gold

The first ATM that dispenses gold coins has been installed in India, in the southern city of Hyderabad, offering customers a facility to purchase gold with credit or debit cards without going into any physical jewellery stores.

Gold is seen a safe and preferred form of investment in India, which is the world’s second largest consumer of the commodity. Two-thirds of India’s gold demand usually comes from rural areas, where jewellery is a traditional store of wealth.

The ATM is the brainchild of GoldSikka. It can store up to 5kg of gold, operates 24/7 and dispenses coins in a choice of eight weights between 5 and 100 grams, the price of which is updated in real time according to market prices.