AI-Powered Gold ATMs Struggle to Convince Cautious Russian Investors

Financial tech firms in Russia are using AI to promote gold sales through automated machines amid cautious investor sentiment. Despite rising prices and simplified selling methods, Russians prefer holding gold due to investment safety concerns, historical ties, and economic sanctions restricting access to other asset classes.

AI technology is at the forefront of financial innovation in Russia as tech firms introduce automated gold ATMs. These machines aim to simplify the process of selling gold, a task that has met with resistance despite a significant price rally this year.

Russia, holding over one-third of its reserves in gold, is seeing a rise in interest for selling gold through these ATMs. However, entrenched trust in gold's lasting value remains a barrier. Investors, wary of challenges in other markets due to sanctions, perceive gold as a stable alternative.

Initiatives like Goldexrobot's, which employ AI to ensure transparency and fairness, are seeking to sway public opinion. These ATMs scan gold items, verifying them with precision analysis and offering real-time prices. However, traditional sales channels and investment safety considerations continue to dominate investor choices.

(With inputs from agencies.)