This Vending Machine dispenses Gold Bars

Went around on a quick tour of Abu Dhabi yesterday to check out the rest of the city after the Nokia World event. One of the first stops we made was the Emirates Palace Hotel where the world’s first gold vending machine was installed.

Suffice to say, we were thoroughly impressed. The vendo machine was right in the lobby of the huge hotel, among the rows of other jewelry and gold shops.

There were about a dozen different gold bars (and a single silver medallion) being sold, ranging from 2.5 grams to 10 grams. They’re rated at 99.99% pure at 24k.

Gold prices range from UAE620 for the 2.5grams up to UAE2,395 for the 10 grams. The prices change every 60 seconds based on the prevailing market prices in the gold market. There are some engravings in them as well. They’re a bit pricier than if you go to the gold souks.

The machine accepts cash and debit/credit card. For cash transaction of over UAE5,000, you’ll need to provide an ID card due to potential money laundering while debit and credit cards require a PIN code. Unfortunately, I don’t know my card’s PIN codes so I was not able to buy a sample gold bar.