Financial technology startups in Russia are rolling out AI-driven gold ATMs designed to persuade citizens to sell their gold holdings. Despite a rally of more than 60% in gold prices this year, Russian investors remain cautious, valuing the precious metal as a safe haven amid economic uncertainty and international sanctions.

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Russia’s Gold Hoard: Tradition Meets Technology

Russians are estimated to hold around 1,000 metric tons of gold, with some families owning coins dating back to Tsar Nicholas II. These heirlooms have survived revolutions, wars, and economic upheavals, making gold not just an investment but a symbol of financial security across generations.

Russia holds more than a third of its reserves in gold, and last year the government authorised automated gold sales, paving the way for fintech startups to offer AI-powered transactions.

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How AI Gold ATMs Work

Startups like Goldexrobot aim to install 600 gold ATMs in shopping centres across Russia. Co-founder Evgeny Gorodilov explained that traditional selling methods—pawnshops or online platforms—often deter customers due to opaque pricing and fraud risks.

Goldexrobot’s ATMs use advanced AI technology to:

• Conduct spectral, hydrostatic, and density analyses to verify authenticity.
• Offer real-time quotes based on the Moscow Stock Exchange.
• Complete secure transactions directly to the customer’s bank card after identification verification.

“Many people, while gold prices are high, are ready to exchange their reserves for real money,” Gorodilov said, though he noted growth in private sales remains gradual.

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Gold as a Hedge Against Inflation

For many Russians, gold remains a long-term safety net rather than a short-term investment.

“I bought gold not to make a profit quickly, but as a cushion against hyperinflation,” said Dmitry Semenov, a private investor.

The government has encouraged this approach, removing the VAT on investment gold in 2022. Pawnshop network MGKL Group reported that demand for gold jewellery doubled in the first nine months of 2025.

Even the St. Petersburg Stock Exchange launched physical gold trading on October 20, creating a domestic price benchmark amid the country’s role as the world’s second-largest gold producer.

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Investor Skepticism Persists

Despite the convenience of AI-powered ATMs, many Russians remain cautious, expecting gold prices to continue rising. Semenov added:

“Why sell at a discount when you can get full price? I am confident gold will continue to increase in value due to global instability and inflation.”

While Goldexrobot reports a 10% growth in customers this year, the market shows that tradition and perceived security often outweigh convenience and technology.

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The Future of Gold Transactions in Russia

AI-driven gold ATMs represent a technological innovation in a market deeply rooted in tradition. They aim to streamline sales and provide transparency, yet they face cultural and economic barriers. For now, Russians appear content to hold gold as a hedge, while fintech companies continue exploring ways to modernize access to the precious metal.