In this post, we’ll recommend an API to discover today’s gold price in Saudi.
Saudi Arabia’s total gold output reached 12.35 tons at the end of 2019, representing a 158 percent increase over the output reported five years before, in 2014, which was 4.79 tons. In this manner, the country has tripled its gold output in the previous five years.
Over the last five years, the total amount of extracted minerals, excluding gold, silver, copper, and zinc, has risen to more than 537 million tons. It includes limestone, silica sand, salt, clay, feldspar, marble for manufacturing use, sand iron, kaolin, plaster, marble blocks, granite, phosphates, and bauxite, among others.
The Ministry of Industry and Mineral Resources has begun to apply the new Mining Investment Law in stages. It serves to upload data to an electronic mining platform. This will encourage companies to locate mining infrastructure and reserves, improving openness and investment potential. For the time being, applications and licenses for new mining activities can be submitted using the electronic platform.
Saudi Arabia is a big user of gold, both in the investment and jewelry sectors. Therefore increasing domestic production of the precious metal is critical to minimize imports and balance the balance of payments.
According to the World Gold Council’s most recent list, with statistics as of the end of July, the Saudi Arabian Monetary Authority (the country’s central bank) has 323.1 tons of gold in its vaults, accounting for 4.4 percent of its strategic reserves.
Use An API
As you can see, this country has a significant share of the world’s gold market. Its growth shows that it is important to keep an eye on mining activity in this country. For this reason, it is important to stay updated on gold prices in this country today.
The developers will want to use an API for this that shows the Saudi gold prices today. An API will allow companies to be transparent and reliable by sharing this information in their digital content. With a good API for this purpose, you will be able to keep your customers loyal by providing good service.
With Metals-API you will find extensive documentation. It will help you to share gold prices in real-time both from Saudi and from other places in the world. This API also collects data from the most prestigious sources around the world of spot and futures markets.
More About Metals-API
With this API you will be able to look at the prices of Saudi today but also of other important markets such as China, India, or Dubai. In addition, you will be able to observe not only today’s prices in real-time but also historical rates.
In this way, you will be able to do fluctuation analysis on the one hand to understand the behavior of the value of gold. On the other hand, it will allow you to understand the factors that influence the formation of metal prices.
It is one of the APIs preferred by programmers for providing information in JSON, as well as in Python and PHP. The API provides information on more than 170 metals in different international currencies. That is why you will be able to compare different prices of metals and also of currencies to understand how the price impacts each country.