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| Photo taken on May 13, 2010 shows a gold-plated ATM machine at Emirates Palace hotel in Abu Dhabi, captial of United Arab Emirates. (Xinhua/An Jiang) |
For now, it takes notes of the local dirham currency, but the option of using credit cards will soon be introduced.
The cash-for-gold machines were first tested in Germany in 2009, but Geissler chose Abu Dhabi for the official launch of his 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."
Geissler's timing is spot-on, as investors flock to gold as a safe haven from economic turbulence.
On Thursday, gold priced in sterling and euros reached record highs, while that priced in the more usual dollar denomination was quoted at 1,236 U.S. dollars an ounce, with dealers expecting it to reach fresh highs over coming days.
(Source: China Daily/Agencies)
