Are you looking for a tool to discover the spot pricing of rhodium? So, you must read this article!
Rhodium is a silvery-white transition metal that is strong, corrosion-resistant, and chemically inert. It is a valuable precious metal that is also rare. Rhodium is also utilized as one of the catalysts in three-way catalytic converters in automobiles, which account for about 80% of global rhodium output.
In nuclear reactors, rhodium detectors are used to monitor neutron radiation levels. Rhodium is also utilized to make acetic acid and asymmetric hydrogenation, both of which are used to make pharmaceutical precursors.
The expression “spot price” is most commonly used to refer to the future price of precious metals contracts like silver, bronze, or gold. You cash out after buying or selling a stock at a predetermined price. This business is well-known for moving quickly and affecting a large number of individuals around the world. As a result, it’s vital to keep up with their daily rates. An API is the most efficient way to get access to that data in this case.
What is an API?
An API, to put it another way, is an interface that gives you information about almost anything you need almost instantly. Because an API allows two computers or apps to speak with each other, this happens.
The interface will react with the expected result when you send an API call, such as for spot metals price. The majority of international websites employ this method because it is effective and time-saving.
When choosing an API to use for this purpose, keep in mind that not all APIs are created equal. However, there is one wonderful tool that you could find useful: Metals-API.
Why Metals-API?
Metals-API is a piece of software that gives precise and up-to-date information about any precious metal in any currency (such as rhodium). The free plan’s data is updated once each hour and is accurate to two decimal places. In this case, you will additionally receive 50 API calls every month. If you sign up for an annual account, you’ll get more API calls and data per minute.
Every minute, Metals-API receives data from roughly 15 credible data sources. Financial data providers and banks are among them. As a result, your price will be incredibly accurate. Metals-API provides current market value for precious metals such as gold, silver, aluminum, platinum, and palladium, among others. The data from the website can be used in spreadsheets, other websites, and mobile apps, among other places.
How to use it?
- Your API key will be provided by www.metals-API.com.
- Look through the list of rhodium symbols (XRH) and monetary signs on the internet to find the one you want.
- Once you’ve added metal and currency to the list of symbols, make the API request.
- As a programmer, you have the option of using JSON or PHP.
Also published on Medium.