Do you want to get palladium rates in USD? Then try using an API!
You might not know much about palladium, one precious metal that is highly important to the global industry. It is a shining, silvery-white, corrosion-resistant metal that is widely employed in automotive catalytic converters. It is also used in jewelry as well as various dental fillings and crowns, such as white gold, which is a gold alloy that has been decolored by alloying it with another metal, most often palladium.
Besides, it is appreciated for the monetary benefits it offers as wealth storage as well as its investment possibilities. Palladium investments might present some of the most rewarding changes in the precious metals complex in the coming years.
Worldwide, Russia takes the top at countries that most palladium produce. It is followed closely by South Africa and then, far from them, Canada, the United States, and Zimbabwe. In 2020, the world produced 210 metric tons of palladium and the average price of palladium was $2,160 USD per ounce.
With this in mind, we can clearly see how important this metal is to the global industry. This is why it’s key to know the rates of it every hour, especially in USD. For that, it’s really useful to use an API, which is an interface that collects data from a place and then shows it to you. In this case, it takes the palladium rates from the official source and then lets you have access to it.
How To Get An API
There are a lot of softwares online that allow you to get palladium prices in USD with an API. However, not every single one works the same way, so you should be careful with which one you choose so you don’t end up losing money.
To explain all this better, we will use what we think it’s the most complete and effective API online: Metals-API. This is a free online API that provides rates for various metals in different currencies.
To obtain the information, you must:
- Register for your own API key at www.metals-API.com.
- Look for the palladium and the United States dollar symbol (XPD and USD).
- Using these symbols, add metal and money to the list before making the API call. You may also choose a programming language and many types of pricing.
- You then press the “run” button and there you have it! The API will present to you on your screen.
The result will look something like this:
{"success":true,"timestamp":1637872440,"date":"2021-11-25","base":"USD","rates":{"USD":1,"XPD":0.00055363384955752},"unit":"per ounce"}
Where Is This Information Collected From?
Every minute, Metals-API receives data from around 15 credible data sources. Among them are banks and financial data suppliers. As a consequence, you will obtain extremely accurate pricing. This platform determines the market value of precious metals including gold, silver, aluminum, platinum, and palladium. The data from the website may be used in a variety of locations, including spreadsheets, other websites, and mobile apps.
Also published on Medium.