Automated Gold Sales Face Cultural Resistance
Financial technology firms in Russia are leveraging artificial intelligence to encourage citizens to exchange their gold for cash using automated machines. Despite a surge of over 60% in gold prices this year, many Russians remain cautious about parting with their gold reserves.
The Russian government authorized automated gold sales in 2024. While firms report a gradual increase in interest, Russians have not embraced gold-selling ATMs with the enthusiasm seen in other countries. Deep-rooted cultural values and a perception of gold as a secure investment—especially as sanctions limit alternative options—have contributed to this skepticism.
Many families retain heirloom coins minted during the reign of Tsar Nicholas II, viewed as invaluable assets that survived dramatic historical upheavals. Estimates suggest Russians hold about 1,000 metric tons of gold bullion in private hands.
AI Powers the Gold Exchange Experience
Startups like
Goldexrobot are deploying AI-enabled kiosks in shopping centers to simplify the gold selling process. According to Goldexrobot co-founder Evgeny Gorodilov, legacy sales channels such as pawnshops and online trading platforms are plagued by opaque pricing and fraud risks.
The new ATMs employ AI, conducting spectral, hydrostatic, and metal density analysis to verify authenticity. The process is as follows:
- Customers identify themselves at the machine.
- The gold item is placed in a slot for automated valuation.
- The current market price is displayed, based on live Moscow Stock Exchange data.
- If accepted, payment is instantly transferred to the seller's bank card.
This technology was piloted by the Russian central bank in a regulatory sandbox before market approval.
Gorodilov reports a 10% growth in customer numbers this year, though widespread adoption remains elusive as most Russians anticipate further price increases.
Gold as a Shield Against Inflation
The Russian government eliminated VAT on investment gold sales in 2022, prompting a fivefold increase in gold sales in 2023. Official advice now encourages investors to use gold as a long-term savings vehicle.
Private investors, such as Dmitry Semenov, view gold as a "safety cushion" in case of hyperinflation, rather than a short-term profit vehicle.
Pawnshop networks like MGKL Group recorded that demand for gold jewelry, either for resale or use as collateral, doubled in the first nine months of 2025. Additionally, the St. Petersburg Stock Exchange introduced physical gold trading on October 20, aiming to establish a local price benchmark for the world's second-largest gold producer.
Continued Scepticism Despite Innovation
Some investors remain unconvinced by the AI-driven ATM approach. "Gold ATM? No, why sell something at a discount when getting full price is possible?" asks Semenov, confident of gold's continued price growth amid global instability and rising inflation.
As gold gains increasing prominence as both an investment tool and inflation hedge, the success of [AI-powered](https://aiapps.com/items/chatgpt) gold ATMs in Russia will depend on whether technology can overcome deep-seated cultural trust in the precious metal.
