Russia Plans 600 AI Gold ATMs to Transform Precious Metal Trading

Fintech firms in Russia are deploying AI-driven gold ATMs to encourage citizens to sell their gold holdings, leveraging artificial intelligence for authentication through spectral, hydrostatic, and density analyses, and providing real-time pricing based on Moscow Exchange quotes. Despite the technological advances and convenience, many Russians remain hesitant to sell their gold due to deep cultural attachment and skepticism about fair pricing, viewing gold as a safe investment amid ongoing economic sanctions and instability. The machines allow users to complete identification, insert gold items, and receive payments directly to bank cards, aiming to address previous concerns about fraud and opaque valuations common in pawnshops and trading platforms. Russia, holding over a third of its national reserves in gold, has authorized automated precious metal sales since 2024, with startups like Goldexrobot planning to install hundreds of ATMs nationwide. While usage of these ATMs has increased modestly, a significant portion of the population prefers to retain gold, anticipating further price increases and valuing gold's historical role in preserving wealth through turmoil. The regulatory framework ensures compliance with anti-money laundering protocols, enabling 24/7 automated transactions while maintaining market integrity.