ATM dispenses pure gold » Dubai Hotel Installs Gold-Dispensing ATM Machine

The ATM that dispenses gold bars – Telegraph

Abu Dhabi’s Emirates Palace Hotel, which boasts that it is the most luxurious hotel in the United Arab Emirates, has raised the ante in a region known for its mania for glitz by installing the machine in its lobby.

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.

Gold rates are constantly updated inside the shiny machine in the hotel’s lobby, courtesy of a built-in computer connected to a dealer which sells gold online

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.

YouTube – Hotel Boasts ATM With a Golden Touch

Gold prices reach record high

New Delhi (Mizzima) – Gold prices in the Burmese market reached record highs today, amid climbing global valuations, Rangoon merchants said.

The gold price in Burma reached 641,000 Kyats per tical (about 16 grams) today after hitting 613,000 Kyats per tical at the end of November, according to gold shops in Pabedan Township, Rangoon, which is the main gold market in Burma.

“This is the unprecedented record high price”, a gold-shop owner from 29th Street in Pabedan Township told Mizzima.

The price had fluctuated between 590,000 and 600,000 Kyats from the end of March to the beginning of last month, traders said. It then rose to 670,000 Kyats at the end of last month. At that time, the global gold price was at about US$1,150 per ounce (28 grams). It dropped to 615,000 per tical on May 3 and regained by 25,000 Kyats within two weeks. Today’s global gold price is US$1,238 per ounce.

A gold-shop owner from Shwebonthar Street said that he was unaware of the cause of the rising prices and that they were unable to say how long the trend would last.

“There are many sellers in the market at this high price but the demand is low and the sale and [rate of] transactions are sluggish,” he said. “No buyers from rural or faraway places are in the market too”, he said.

The exchange rate of the US dollar usually falls as the gold price rises. The dollar has gradually dropped below the 1,000-Kyat level from the 1,005 mark early last month, and has stabilised at about 990 Kyats to the dollar. The latest exchange rate for the day was 988 Kyats and the Foreign Exchange Certificate (FEC) rate buying price was  985 Kyats. The selling prices are 991 against the US dollar and 995 against the FEC.

The daily 24-carat-gold price in the Burmese market is set by the Gold Traders Association, also on Shwebonthar Street. Shop owners do not need to visit the office of the association but they must abide the prices it sets.

Business (February 2010)

A rush by members of the ruling junta and their families to buy gold was cited as a major reason for the sudden rise in the price of the precious metal in Burma recently. Trade in gold was slack until Dec. 29, in line with trends on the international market.

But at the end of the year and in the early days of 2010, gold shops reported a boom in business. In that time, the gold price increased from 594,000 kyat (US $594) a tical (16.4 grams) to 598,500 kyat ($598), peaking on Jan. 5 at 602,100 kyat ($602).

The gold price increase occurred as reports circulated that low-paid civil servants would receive a salary increase of 20,000 kyat ($20) a month, and many junta members were investing in gold as a hedge against inflation.

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