Financial tech firms are using AI to try to persuade Russians to cash in their gold at automated machines, although despite this year’s more than 60% price rally they are facing scepticism.
Evgeny Gorodilov, co-founder of Goldexrobot, poses next to an AI-powered gold ATM in a shopping mall in Moscow, Russia October 20, 2025 – REUTERS/ Evgenia Novozhenina
Russia, which holds more than a third of its reserves in gold, authorised automated sales of the precious metal last year. But while the companies rolling out the ATMs say interest in selling has risen, Russians have not rushed to part with their gold in the same way as people have elsewhere.
Russians are not only hoping for further price rises, some say they see few alternatives to gold in terms of investment safety as sanctions have made it hard for them to invest in Western currencies or other assets.
Some Russian families hold gold coins minted by the country’s last Tsar, Nicholas II, which have been passed down through generations – surviving the 1917 revolution, Communist purges, World War Two and the collapse of the Soviet Union.
But this deep attachment to gold, with Russians estimated to hoard a total of 1,000 metric tons of bullion, is not deterring the entrepreneurs who say they are making it easier to cash in.
“Many people, while gold prices are high, are ready to exchange their reserves for real money,” said Evgeny Gorodilov, co-founder of Goldexrobot, a startup aiming to install 600 gold ATMs in shopping centres across Russia.
Gorodilov said that sales through traditional channels, such as pawnshops or, more recently, electronic trading platforms, have deterred many people due to opaque valuation processes, suspicions of unfair pricing and fraud risks.
Goldexrobot’s ATMs use AI to carry out spectral, hydrostatic and metal density analyses to verify the authenticity of the gold and then offer a price using the latest quotes for the metal from the Moscow Stock Exchange.
To start a transaction, the customer must complete an identification process. A gold item is inserted into a slot for valuation. The proposed price appears on a display, and if accepted, the payment is sent to the customer’s bank card.
Russia’s central bank tested the technology through its regulatory sandbox before it was allowed to enter the market. While Gorodilov said that its customers had grown by about 10% this year, he has not seen explosive growth in private gold sales since most Russians expect prices to rise further.
Russia removed the value-added tax (VAT) on gold sales for investment purposes in 2022 as Western sanctions took effect, which resulted in sales soaring fivefold in 2023. And sales have continued to rise, with Russia’s Finance Ministry advising investors to keep long-term savings in gold.
“I bought gold not with the aim of making a profit in the near future, but with the aim of creating a safety cushion for myself in case of hyperinflation,” said Dmitry Semenov, a private gold investor.
MGKL Group, which owns a network of pawnshops across Russia, said demand for gold jewellery, which it either resells or holds as collateral, doubled in the first nine months of 2025.
The metal’s wider appeal is also in evidence at the St. Petersburg Stock Exchange, which launched trading in physical gold on October 20, saying that the world’s second-largest gold producer needs its own price benchmark.
And for some investors the ATMs are not the way forward. “Gold ATM? No, why sell something at a discount when getting full price is possible. In 2026, I am confident there will be further growth in the value of gold. This is related to global instability and increasing rates of inflation,” said Semenov.
Expect Christmas shoppers to be “cautious but positive” this year when it comes to spending. But there’s also one big difference: AI’s getting more and more involved in the decision-making process, a new report shows.
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It appears British consumers are approaching this Christmas with “quiet confidence but clear spending limits” as 56% plan to spend roughly the same as last year, 18% expect to spend more, and the same number expect to spend less, according to Accenture data.
It all adds up to a “slowly stabilising retail environment… after several years of inflation-driven adjustment, households have found a new spending equilibrium when considering planning for Christmas this year”.
Accenture says consumers “are not slashing budgets but managing them more deliberately”. The most common strategies include reducing spend on presents (77%), buying from budget supermarkets (43%), saving earlier (34%), and skipping premium delivery (26%).
And the AI element? Around one in three (31%) consumers have used or would consider using AI tools such as ChatGPT or Gemini to plan Christmas shopping this year.
Their top uses are practical: gift ideas (25%), price comparison (24%) and budget management (18%).
But the research also indicates that while uptake isn’t widespread, “people could be open to using AI to help them in the future”. This means 46% would try an AI gift assistant integrated into retailer websites; 31% said they would be open to using an AI agent to do the full shopping experience, from sourcing a product to making the purchase.
But this uptake of AI is tempered by concern: 62% are unlikely to use AI this year, citing privacy (48%) and loss of personal touch (47%) as key reasons – suggesting we’re still at a nascent phase of adoption of the new technology.
Matt Jeffers, retail strategy lead, Accenture UK & Ireland: “After several years of managing a high cost of living, our data suggests that this year we’re seeing some signs of cautious consumer confidence returning, but people are still hovering above the brakes, and fine-tuning their spending to make Christmas work on their terms. For retailers, it means the opportunity is less about chasing volume, and more about demonstrating genuine value and empathy in how they engage and serve customers.”
On the AI front, Jeffers added: “This year shoppers are still in a test-and-learn phase, but our data shows that many shoppers are beginning to embrace AI to support their Christmas planning. This comes as platforms are beginning to embed third-party shopping tools into their chats, helping consumers make purchasing decisions directly from an AI chat.
“Retailers therefore need to ensure their business is built on modern and agile tech and data stacks, in order to capitalise on this trend as it grows for Christmas next year and beyond. This means being ready to seamlessly connect with LLMs as they prepare to become another way people shop. Trust and personalisation will still be king, and robust data protections should be baked into every layer.”
“We need moments like these to get to know our female customers,” says Marionnaud. With this in mind, the perfume and fragrance business is taking up residence in two Good News cafés in Paris until December 10.
Rue Montmartre shopfront – AI-generated photo by Marionnaud – DR
Marionnaud is unveiling two pop-ups “conceived as convivial interludes, designed to strengthen its physical presence, drive footfall, and partner with a French player sharing the same values of proximity and optimism,” notes the French beauty specialist. The temporary spaces will be located at 94 Rue Montmartre, in the second arrondissement, and at 7 Boulevard de la Madeleine, in the first arrondissement.
Founded in 1984, Marionnaud now operates 385 stores in France. Under the leadership of Kulvinder Birring, the retailer is pursuing a strategy focused on modernising its network and strengthening customer relations. The brand’s turnover amounted to €573 million in 2023, the latest figure available, although the company does not officially disclose its financial performance. These pop-ups are part of this momentum, sitting somewhere between commercial experimentation and on-the-ground engagement.
According to Clémence Courquin, head of marketing, this collaboration is part of a 360° campaign combining social media activations with a physical rollout. “Today, we’re seeing the power of beauty-and-coffee alliances,” she emphasises. The two brands, both French, are bringing their worlds together and cross-pollinating their audiences to reach a broader customer base while nurturing their brand DNA.
In practical terms, Marionnaud and Good News are pooling their databases to increase the number of touchpoints, attract new customers, and raise their visibility. The initiative also includes the distribution of oversized gifts, designed to create surprise and spark engagement.
In short, it is a partnership conceived as a lever for commercial momentum, with each brand putting its expertise at the service of the other to maximise impact throughout the duration of the initiative.
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French sporting goods retailer Decathlon is continuing its expansion across Latin America. The business has opened its first store in El Salvador, a large-format location at the Multiplaza shopping centre in the country’s capital San Salvador.
Decathlon
‘This country, known for its rich culture, its Pacific coastline ideal for surfing, and its growing passion for outdoor sports, represents a strategic and vibrant market for our mission,” said the business in a release. Decathlon also stated that it aims to “bring people together through sport to make wellbeing accessible for all.”
Decathlon’s expansion into Latin American markets has marked a milestone, boosting access to sports equipment across a range of disciplines. The business currently has a presence in Mexico, Colombia, Chile, Brazil, Panama, Costa Rica, and now El Salvador.
Latin America has become a highly attractive market for European and other international brands, with new market entries up by more than 30% over the past three years.
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