Do you want to try an API that can give you reliable NYMEX Rates? You should try Metals-API.
Precious metals are priced uniformly over the world. Although they are most frequently expressed in dollars, they are nevertheless sometimes encountered in other currencies (Euro, Swiss Franc, Pound Sterling, etc.).
A global but centralized market exists for precious metals, and the LBMA (London Bullion Market Association) and LPPM (London Platinum and Palladium Market) in London are responsible for setting the true price of these commodities.
Price fixing is another name for the process of setting precious metals’ pricing. In the past, parties have settled contracts on the precious metals markets through price fixing. These fixes are now the accepted international standard and the unofficial foundation for determining the spot price of each metal.
How often are precious metals prices set?
On business days, between 10:30 AM and 3 PM (London time), the LBMA sets its gold price in US dollars.
On business days at 12:00 PM (London time), the LBMA silver price is set once a day in US dollars.
The LPPM (London Platinum and Palladium Market) and the LME (London Metal Exchange) determine the LBMA platinum and LBMA palladium prices twice a day on business days at 9:45 AM and 2:00 PM (London time) in US dollars.
Breaking down the price of a precious metal product
The price of a precious metal product is actually made up of three elements:
The metal’s price is another term for the spot price, or the price that is currently being offered on the market.
The premium covers the running and production costs of the good (production, storage, handiwork, etc.), as well as the profit margin for the retailer.
The VAT: The majority of European nations, including Switzerland, do not impose a VAT on gold. The VAT is typically not exempt from other precious metals.
Why do precious metal bars of the same weight sometimes have different prices?
You may have seen that two goods of the same weight occasionally have different prices per ounce. The production expenses of each product are the real cause of this pricing discrepancy.
Minted ingots, such as Lady Fortuna goods, demand greater skill and finer finishing, which raises the cost of production.
Cast bars, on the other hand, are formed of unfinished metal and are only marked with legal inscriptions (weight, purity, logo, etc.). As a result, they will typically have lower prices and lower production costs.
If you want to try a good NYMEX Rates API you should check out Metals-API,
Why do we recommend Metals-API?
The Metals-API may deliver real-time precious metals data through API at a frequency as high as every 60 seconds, with an accuracy of two decimal places.
Providing exchange rates for precious metals, currency conversions, time-series data, volatility statistics, and the lowest and highest prices of any particular day are a few of the features.
How Does It Work?
It is simple to use. Now all you have to do is adhere to the guidelines listed below:
- Create a profile.
- Produce an API Key
- Choose the desired metal and currency.
- Make an API Request, then wait for the system to respond with an API.
Is The Website Secure?
Banks and financial information providers, such as the European Central Bank, are where Metals-API gets its currency data from. Bank-grade 256-bit SSL encryption is used to encrypt your connection to the API.
Also published on Medium.
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