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Gold vending ATMs may become a reality in India

business Updated: Oct 17, 2010 12:50 IST

PTI
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Indians might soon get a chance to buy gold from ATMs, as Germany's Ex Oriente Lux AG is in talks with Indian entities for setting up gold dispensing automated machines in India.

Ex Oriente Lux AG, which also operates an online shop for the yellow metal, is the maker of gold vending machines. A company official said that talks are going on with interested entities in India to set up gold dispensing ATMs in the country.

"We are currently in talks with many interested parties from all over the world, also from India... the door is still open for further applications," the Ex Oriente Lux AG's Director (PR & Marketing) Joe Dreixler told PTI from Germany.

However, the official did not provide details about the ongoing talks. The Gold ATM, known as 'Gold to go', made its debut in Abu Dhabi earlier this year.

It can issue up to ten different products and their real time prices are updated every ten minutes, according to the company's website.

Other features include the option to see a selected product before making the purchase decision.

Currently, such ATMs are there in four countries -- the UAE (Abu Dhabi), Germany, Italy and Spain. Most of these machines are located in Germany. "At this stage, we have nine machines on air (in use).

Further, locations to be opened soon," Dreixler said. Going by the website, "Gold to go originated as an opportunity born out of the turmoil of the financial crisis". Ever since the global financial meltdown in 2008-09, gold prices have been on the rise, as more investors are seeing the yellow metal as a safe investment.

According to the official, response to these ATMs have been overwhelming. "Thomas Geissler's -- inventor of the world's first gold vending machine and CEO of Ex Oriente Lux AG -- motivation is to make it easier for normal consumer to purchase precious metals in safe and easy way and at fair prices," Dreixler added.