If you’re interested in economics and international commerce, you probably know that currently the Kuwaiti Dinar it’s the strongest currency in the world. It was introduced in 1960 and, initially, it was equal to one pound sterling. At the moment, 1 Kuwaiti Dinar is equal to 3.32 US dollars.
This is quite interesting since Kuwait is a small country in Western Asia. It’s located between Iraq and Saudi Arabia, which are both large exporters of oil. Kuwait is a big gold manufacturer and in 2020 it exported more than 44 thousand of USD in that metal.
With that being said, it’s important to stay updated on what are the gold rates in this currency if you work in the business. For this, we highly recommend you Metals-API.com, a free API that delivers fast and accurate information about the precious metals market.
This website has an accuracy of 2 decimal points, and the data can be refreshed every hour with the free plan. In that case, you’ll also get 50 API calls each month. On the other hand, you’ll get additional API calls and data every minute if you decide to purchase an annual plan.
What is Metals-API?
Metals-API displays the price of the world’s most valuable metals, including gold, silver, platinum, and palladium. The website’s data may be incorporated into spreadsheets, other websites, and mobile apps, among other things.
So, where does all of this data originate from? Every minute, Metals-API gets it from over 15 reputable data sources. Banks and financial data providers are among these sources. As a result, the pricing you receive is highly precise.
How does it work?
It works with JSON API or JavaScript Object Notation, which is an encoding technique that is intended to reduce the need for each application to write its own ad-hoc code in order to connect with servers that communicate in a predetermined manner. The JSON API module offers a data storage and data structure implementation, such as entity types, bundles, and fields.
Main Features
The website is aimed at business sources since they provide a more accurate reflection of market exchange. It uses more than 170 world currencies, metals, and cryptocurrencies, such as Bitcoin and Litecoin. The same API endpoints may be used to convert any amount from one currency to another, as well as from one metal to any metal and any currency to any currency.
All of Metals-exchange API’s rate data is midpoint data. The average median rate of Bid and Ask at a given period is used to calculate midpoint rates. Furthermore, the Metals-API API provides EOD / End of Day historical exchange rates, which become available at 00:05 am GMT the day prior and are time-stamped one second before midnight.
You can get more information by clicking here.
Also published on Medium.