Do you live in the United Arab Emirates? Are you looking for a platform to see palladium prices in the currency of your country? Well, in this post, you will find the answer to your problems.
Although the precious metal par excellence is gold, for several years it stopped being the most expensive metal. Among gold, silver, platinum and palladium, it is precisely the latter that is listed clearly ahead of all. Its high cost is due to the fact that it is very scarce and because its obtaining process is expensive; It is usually present in nature forming alloys with other metals (such as platinum, rhodium, ruthenium and even gold), so it is necessary to process a very large amount of minerals for its extraction.
Russia is the country with the largest deposits of palladium in its territory, which accumulates in the Urals region up to 50% of the metal that is then marketed. The rest is divided between South Africa, Canada, USA, Ethiopia and Australia. Currently, the palladium is trading at 7,639 dirhams, 14% more than gold and 119% more than platinum. The other big reason for its high price is its high demand. Palladium has optimal physical-chemical properties to integrate the catalysts of combustion vehicles (gasoline and diesel), as well as condensers and other essential elements of electronic devices of all kinds. And in the future, it is estimated that its role will be essential in the so-called cold fusion processes, a still theoretical way of generating large amounts of energy.
For a country as small as the United Arab Emirates, but with a city as important as Dubai, importing palladium is the only possible option. Therefore, they must be updated with its price in order to choose the best time to invest. For this, we recommend using the Metals-API service, which will help you obtain this information in the official currency of that country.
Why should you use Metals-API?
If you are looking for an API (Application Programming Interface), Metals-API is the best. This is due to its ability to deliver metal rates quickly, securely and easily. Its system includes all kinds of precious and non-precious metals, such as lithium, gold, platinum, palladium, copper, silver, among others. All this with a precision of 2 decimal places and with update rates of only 1 minute! That is, with its characteristics, you will be able to choose the right time to invest in this metal. For example, thanks to Metals-API you will be able to know information from the last 19 years, such as the fact that in 2021 the price of palladium fell by 17.12%. Information like this could save you a lot of money.
How to use Metals-API?
1. First go to www.metals-API.com and on the top right you will find “get API key”.
2. Next, you need to sign up and select a plan. Metals-API has 7 plans, one of them is free but the rest have an annual cost. We recommend that you carefully read each of the 7 plans and choose which one is best for you.
3. After this, select the metal (palladium) and Arab Emirates Dirham. Yes! The currency of your country is included.
4. When you are done with all of the above, make the API call.
As a programming language, you can choose between JSON and PHP.
Also published on Medium.