UAE unveils world's first gold vending machine

The world's first gold vending machine unveiled in a hotel in Abu Dhabi in the UAE began attracting customers minutes after it was opened.

Apparently unveiled to cater to Asians' obsession with the yellow metal, the 'Gold To Go' machine gives out one, five and 10 gram gold bars as well as gold coins, the National newspaper reported.

The gold vending machine which was formally opened today is the creation of German company and gives an instant display of gold rates. It has been placed in Abu Dhabi's super luxury Emirates' Palace Hotel.

The hotel is calling it its "Golden service".

Six gold coins of varied weights and engraved with symbols of gold-producing nations Canada, Australia and South Africa, are also dispensed by the machine.

A one gram gold costs Rs 2,141.36, while a five gram bar goes for Rs 9,298.54 and Rs 56,832.41 for an ounce bar.

The machine is protected by a range of security measures, including anti-money laundering software. It also tracks the gold price on fluctuating markets with an inbuilt website that transmits the information every 10 seconds, and updates the price accordingly every 10 minutes.