Do you want to discover an API that provides you gold rates specific in tonnes? In this post, you can find a solution.
The price of gold has risen in recent years, reaching more than US$2,000 per ounce in the summer of 2020, a record high. According to the US Geological Survey, global gold mine production in 2021 is expected to be about 3,000 metric tonnes (MT), roughly on par with gold produced in 2020. Since the economic recovery, it is likely to rise.
If you want to store your money in gold or invest in it for any of its industries, you must be aware of the current gold rates in tonnes to choose the ideal time to invest. The simplest method to determine is to examine price data over time and see how it has evolved. You may achieve this by utilizing an API.
What Is An API For?
API stands for Application Programming Interface. What does it imply? It is software that connects and transfers data between two or more devices. It’s common in online banking and social networking services.
There are several APIs available on the internet that give metal information; nevertheless, collecting excellent rate data may be difficult. Regrettably, not all of them send rates in tonnes. Metals-API is a good source for gold rates in tonnes.
The following stages can help you build your business:
- Acquire an API key from the website www.metals-API.com.
- After that, you’ll see a flurry of metal and currency symbols. Choose the XAU (gold) symbol as well as the currency sign.
- When you’ve decided, use these symbols to add metal and currency to the list before completing the API call. You may also choose a programming language and a price range. You have the option of using JSON, PHP, or Python.
- Then all you have to do is press the “run” button and you’re done! The API will be displayed on your screen.
- In contrast, this API will provide rates in troy ounces. To convert kilos to tonnes, multiply the Metals-API rate by 3.11035e-5. Following that, you will be able to obtain the required pricing.
Why Metals-API?
Metals-API is a straightforward API that gives data on a wide range of metals, including nickel, gold, palladium, and HRC steel. You may also track the value of these metals in over 170 currencies, including USD, EUR, and BTC. It gathers information from well-known banks and financial institutions. Furthermore, it is used by both small and large enterprises, such as the global Barrick Gold.
This API delivers real-time precious metals data with an accuracy of 2 decimal points and a frequency of up to 60 seconds. You can compare indications and determine the best moment to invest by using current and historical pricing. For this aim, Metals-API may also be used to monitor fluctuation data.