What is the current price of gold? If you are from Australia and want to keep up to date with prices in your local currency, we recommend you continue reading this post.
Gold has been used as the best refuge of long-term value and wealth throughout the history of mankind, making it one of the most demanded assets in the financial markets, by governments, companies and investors. More than 95% of gold is used as an investment and wealth storage asset, with rarity and scarcity being the most important points in favor of investors and savers.
To give you an idea, if a person had invested 100 Australian dollars 50 years ago (1972), today that same investor would have more than 4,000 dollars. That is, a profit of 3900%. In this year alone, gold has already grown by almost 6%. In short, investing in gold is a safe bet if your goal is long-term profit.
Although in the long term it is a safe bet, it is best to take advantage when its price decreases to buy. It is preferable to buy the ounce in 1920 dollars and not in 1975. Those details will make us maximize our profits. To keep up with prices, the best thing you can do is use an API.
What is an API?
An API (Application Programming Interface) is the way in which an application exposes data and functionality to other applications. In other words, it is a way of communicating with each other to two or more applications, to obtain data, send orders, etc. In this case, one of the best APIs for what you need is Metals-API.
Try Metals API
It displays current and historical precious metals prices from banks to users. It obtains information from the most trustworthy worldwide sources. This service offers precious metals exchange rates, currency conversion, Time-Series data, volatility data, and the day’s lowest and highest prices. And the best part, prices are available in Australian dollars. Also, it’s capable of delivering real-time precious metals data at an accuracy of 2 decimal points and a frequency as high as every 60 seconds.
How do I use it?
1 – Register (www.metals-api.com) and choose one of seven plans.
2 – Look for the symbols that match your search.
3 – Make an API call with them, placing your selected metals in symbol, and your preferred currency in base currency (Australian dollars).
Remember that each plan has its limitations, so make sure you choose well based on your needs.
Also published on Medium.