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Abu Dhabi Launches His First Gold Dispensing ATM

Abu Dhabi’s leading hotel is upping the stake in the race for Gulf glitz: adding a gold-dispensing ATM maker.

The ATM-style booth in the Emirates Palace monitors the everyday gold price as well as provides little bars approximately 10 grams or coins with customized layouts.

It’s the idea of a German business owner, Thomas Geissler, that began testing the cash-for-gold devices in his native nation in 2009. The Abu Dhabi debut on Wednesday is billed as the initial worldwide venture for Geissler’s “Gold to Go” brand.

Geissler says he chose Abu Dhabi due to its high-rolling ambience as well as the area’s conventional connections to gold in commerce.

The introduction was timed well. Gold hit a record high Wednesday of more than $1,245 an ounce.