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XigniteMetals FAQ

Gold & Metal FAQs

Spot metal prices are priced per Troy Ounce. 
Troy Ounces is the global and traditional unit of weight used for precious metals, which was attributed to a weight used in Troyes, France, in medieval times.
  • 1 Troy ounce is equal to 1.0971428 ounces avoirdupois
  • 1 Troy ounce = 31.1034768 grams
  • 1 ounce = 28.3495231 grams
  • 1 Troy ounce contains 2.75 grams more of metal than the standard ounce
Yes, you can integrate the XigniteMetals web service into your eCommerce Shopping Cart.
Many Xignite clients who operate in the precious metal industry use XigniteMetals to price their transactions based on up-to-date accurate metal prices.

The APIs that can be integrated with your shopping cart are:
Historical pricing availability varies by metal and currency:

For US Dollar (USD) the exchange rate of a currency pair that hasn't traded in a while?

Xignite receives direct exchange rates for most currency pairs. If an exchange rateavailability is notthe availablefollowing:

  • Gold forand aSilver: currency pair, we calculate it by converting through a major currency.

    Example: We want1/1/1990 to knowpresent

  • Platinum: 1/2/2004 to present
  • Palladium: 1/13/2004 to present
For alternate currencies, the exchangeavailability rate of Canadian Dollars (CAD) to Egyptian Pounds (EGP). If CAD and EGP did not trade directly, the system will search for a more common, highly-traded currency (USD or EUR). If CAD and USD traded, and EGP and USD traded, Xignite can derive an exchange rate for "CAD to EGP" using USD. This is done for all fields in the data output (not just the Average/Mid Rate).varies.
 


Precious metals are traded over-the-counter (OTC) and Lowstherefore determinedare fornot exchangesubject ratesto ifany currencies"official" tradetrading 24times.
The hourstime aat day?
Xignitewhich calculatesprecious highsmetal andspot lowsprices forare forexavailable tradestherefore usingcorrespond to the time periodduring rangingwhich fromvarious 00:00:00trading desks (banks, brokers, trading platforms, etc.) operate around the world.
Since the markets are worldwide, spot precious metals are traded almost round the clock.

The availability of Spot Metal Prices is Sundays 6:00 PM EST (market opening in Tokyo) to 23:59:59Fridays **London4:30 Time**PM (LondonEST is(market oneclose ofin theNew primaryYork). Unavailable Monday to Thursday 5:15 PM to 6:00 PM EST (All markets for forex trades). Closing prices and high and lows are available shortly after 23:59:59 London Time via the XigniteCurrencies APIs. Highs and Lows are calculated as the highest and lowest values for the **mid-rate** throughout that period. Unlike equities, currencies trade 24 hours a day almost 6 days a week. The question as to how highs and lows are calculated when there is no "official" open or close time for forex trades is therefore legitimate. Every vendor tends to use a unique approach in the calculation of highs and lows for forex trades. The important element is to ensure that the method chosen is applied consistently. closed).
Metals use Bid, Ask,a orsymbology Midtied asto their currency code which is itself linked to their code in the Exchangeperiodic Rate?table of elements.
  • Gold: XAU - Where AU is the code for gold (from the Latin Aurum) 
  • Silver: XAG - Where AG is the code for silver (from the Latin Argentum).
  • Platinum: XPT - Where PT is the code for Platinum.
  • Palladium: XPD - Where PD is the code for Palladium.
WeSince metals are considered currencies. The symbol of a gold price in US dollars would be XAUUSD.
XigniteMetals APIs allow the useryou to specifypull ifmetal theyprices wantwithout Bid, Ask, or Mid to be used through the PriceType input parameter. There are a variety of reasons that one may wanthaving to use Bidspecific orsymbols. AskInstead insteadyou ofcan Mid,specify sothe wemetal electedand tocurrency allowyou thisare to bewanting a configurablequote setting. for.
XigniteMetals provides precious metals (gold, silver, platinum, palladium) prices in Troy Ounces.   

Troy Ounces is the Highsglobal and Lowstraditional determinedunit of weight used for exchangeprecious ratesmetals, ifwhich currencieswas tradeattributed 24 hoursto a day?weight used in Troyes, France, in medieval times.
  • 1 Troy ounce is equal to 1.0971428 ounces avoirdupois
  • 1 Troy ounce = 31.1034768 grams
  • 1 ounce = 28.3495231 grams
  • 1 Troy ounce contains 2.75 grams more of metal than the standard ounce
The available time for fixings depend on the metal. 
Silver updates once daily while other metals update twice daily.

The publication times for each metal are:
  • Gold: Available twice a day at 10:30 AM GMT and 3:00 PM GMT
  • Silver Available once a day at 12:00 PM GMT
  • Platinum: Available twice a day at 9:45 AM GMT and 2:00 PM GMT
  • Palladium: Available twice a day at 9:45 AM GMT and 2:00 PM GMT
The fixings are available in the HighsXigniteMetals andweb Lowsservice determinedgenerally 5 to 15 minutes after publication by the source
Xignite does not guarantee specific availability time for exchangemetal ratesfixings.

Service: ifXigniteGlobalMetals
APIs: currencies trade 24 hours a day?GetLondonFixing
The source of our precious metal prices depend on the type of price:

Spot Prices

Xignite spot prices are thecollected Highsvia direct feed from two different vendors with whom we have distribution relationships: Morningstar and LowsSix determinedFinancial Information (SFI). Xignite consolidates those two feeds to provide redundancy, reliability and liquidity. Morningstar and SFI collect their own data from the trading desks of a large number of bankers, brokers, and metal trading platforms located in the US, Europe, The Middle East and Asia. These firms are called contributors to the feed.

Contributors

Here are some examples of contributors to the Morningstar and SFI feeds:

  • Morningstar: UBS, Saxo Bank, CommerzBank, etc.
  • SFI: Swiss National Bank, Deutsch Bundesbank, People's Bank of China, etc.

Future Prices

Xignite collects future pricing information from the CME Group via feed. Xignite calculates delayed future prices and historical future prices from this feed.

Exchange Fees

CME Delayed Future prices are subject to exchange fees. The fees are $187.50/mo for either NYMEX or COMEX. Xignite collects and pays the fees back to CME as part of the exchange ratesreporting ifprocess. currenciesXignite trade 24 hourscharges a day?$12.50 processing fee on top of the CME fees.

Fixings

Xignite collects fixing information directly from the following sources:
  • Gold & Silver: London Bullion Metal Association
  • Platinum & Palladium: London Platinum and Palladium Association
The Gold Fixings are set by the London Bullion Market Association (LBMA).
The five members organizations that are involved in the Highsdetermination of the gold fixings are:
  • Barclays Capital
  • Scotia-Mocatta
  • Société Générale
  • HSBC Bank USA
  • Deutsche Bank AG
The Silver Fixings are set by the London Bullion Market Association (LBMA).
The three member organizations that are involved in the determination of the silver fixings are:
    • Scotia-Mocatta
    • Deutsche Bank AG
    • HSBC Bank USA
    The Platinum and LowsPalladium determinedFixings forare exchangeset ratesby ifthe currenciesLondon tradePlatinum 24and hoursPalladium aMarket day?(LPPM)
    The three members organizations that are involved in the determination of the platinum and palladium fixings are:
    • BASF Metals
    • Goldman Sachs
    • HSBC
    • Standard Bank

    Fixings are given in both AM and PM times because the fixing closing process is conducted twice a day by telephone. The exceptions is Silver, for which only one daily fixing is performed.

    Fixing Times are the Highsfollowing:
    • Gold: Available twice a day at 10:30 AM GMT and Lows3:00 determinedPM forGMT exchange
    • Silver ratesAvailable if currencies trade 24 hoursonce a day?day at 12:00 PM GMT
    • Platinum: Available twice a day at 9:45 AM GMT and 2:00 PM GMT
    • Palladium: Available twice a day at 9:45 AM GMT and 2:00 PM GMT
    Fixing times are available on Xignite 5 to 10 minutes from publication by source.