The ATM that dispenses gold bars
A hotel in the Gulf has sought to capitalise on the current craze for gold by introducing an automated teller machine (ATM) that dispenses bullion bars.
A man uses an ATM that dispenses gold bars at the Emirates Palace hotel in Abu Dhabi Photo: REUTERS
The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from gold bars that can weigh up to 10 grams, to customised gold coins.
Through a computer system, the ATM gold machine updates the gold price every 10 minutes to match international markets.
Users feed dirham notes, the local currency, into the machine but it may be possible to use credit cards in the future.
The machine is the brainchild of Thomas Geissler, a German businessman who said Abu Dhabi was best placed to launch of the invention because of the region's high demand for gold.
"On the first night we had a lot of demand," he said. "One customer even bought one item of every product we have."
"All the gold is imported from Germany, and soon we will have a customised gold bar with a print of the Emirates Palace logo, which will be a nice souvenir for guests to take home," he said.
The price of gold has risen strongly in recent years. It was trading at $1,236 (£837) an ounce.
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