Would you like to invest in gold? Well, for that, you must first be updated with their prices, to know when is the best time to invest in this precious metal. For this, one option is to use this tool, which will give you live, the latest LME prices. This service is the best gold price API.
Gold is a chemical element with atomic number 79, atomic mass 196.976 and its symbol in the periodic table is Au. It is a bright yellow noble metal, very soft, the most ductile and malleable of all metals, highly resistant to corrosion and oxidation and a good conductor. Because it is relatively inert, it is usually found as a metal, sometimes as large nuggets, but is usually found in small inclusions in some minerals, quartz veins, metamorphic rocks, and alluvial deposits originating from these sources.
Taking into account the world production of gold, 70% is used in jewelry (due to its rarity and value), 20% in reserves and investments and only 10% is used for industrial purposes. One of its industrial applications is in electronics due to its ability to conduct electricity. In fact, some businesses try to recycle electronic waste, trying to get hold of the amounts of gold found in these disused devices. Japan did the same to make the gold medals at the 2020 Tokyo Olympics.
To invest in this metal, it is very important to be up to date with prices. This is because the world economy is unstable and unexpected changes can happen from one day to the next. On March 8, 2022, the price of gold reached its historical record of 2078 dollars per ounce, however, just 2 months later, its price is 10% lower. To avoid those unexpected surprises, the best thing to do is use Metals-API, which will serve as an alarm. This service is the best for LME prices API.
Why should you use Metals-API?
The Metals-API service is an excellent API for investors, traders and anyone else interested in buying, selling or trading precious metals like gold for example. It is such a fast and effective system that it will allow you to easily obtain the current world market prices for any metal such as silver, lithium, platinum and of course gold. All this with a precision of 2 decimal places and a refresh rate of 60 seconds. With these features, you will be able to choose the right time to invest in the gold business. And of course, the information will be provided by LME.
Thanks to detailed API documentation, intuitive code examples, and a simple API structure, you can implement the API in less than 10 minutes.
How does Metals-API work?
1. Go to www.metals-API.com and at the top right you will find “get API key”. Click there.
2. Then you will have to register and choose one of the available plans. One of them is free and the rest are paid. Each one has its differences, we recommend analyzing each one of them and choosing the best one for your needs.
3. After this select the metal and currency. In your case it will be gold and the currency with which you feel most comfortable.
4. Once you’re done choosing, make the API call.
5- As a programming language, you can choose between JSON and PHP.
Also published on Medium.