AI-driven ATMs target sceptical Russians to cash in their gold

Core Insights - Financial tech firms in Russia are leveraging AI to encourage gold sales through automated machines, despite a significant price increase of over 60% this year, facing skepticism from the public [1][2][6] Industry Overview - Russia holds over a third of its reserves in gold and authorized automated gold sales last year, but the public has not shown the same eagerness to sell as seen in other countries [2][3] - The attachment to gold is deep-rooted among Russians, with an estimated total of 1,000 metric tons of bullion being hoarded, which presents a challenge for entrepreneurs trying to facilitate sales [3] Company Initiatives - Goldexrobot, a startup, plans to install 600 gold ATMs in shopping centers across Russia, aiming to simplify the selling process and address concerns over traditional sales channels [4][5] - The ATMs utilize AI for various analyses to verify gold authenticity and provide pricing based on the latest market quotes, enhancing transparency in the valuation process [5] Market Dynamics - The central bank of Russia has tested the technology for these ATMs, and while customer growth has been around 10% this year, there has not been a significant increase in private gold sales as many Russians anticipate further price rises [6] - The removal of the value-added tax (VAT) on gold sales for investment purposes in 2022 has led to a fivefold increase in sales in 2023, indicating a shift in market dynamics due to Western sanctions [7]