I’m working on a magento shop that sells precious metal coins and bars of different weights.
The price for each product needs to change with the spot gold price as it changes throughout the trading day. At the moment I have less than 10 products that require this treatment, but would like to find a solution that can be added to easily.
Example of what I’m aiming for:
Monday at 1pm precious metals are trading on the open market and gold spot is at $1600 per oz. I’m selling a 1 oz gold coin in my shop that gets its price from this $1600 number and displays to customer: 1 oz gold coin $1650. ($50 added for markup) Now 20 minutes later on Monday, spot gold moves up to $1615 per oz, and my shop automatically changes the price customer sees for this 1 oz gold coin to $1665.
Different products made from gold would all be based on this spot gold number that changes, but would also each have a unique $ amount markup that would be either fixed or percent added.
A calculation to achieve desired result might be:
1oz gold coin price = goldspot * 1 + $50 markup
1/4oz gold coin price = goldspot * 0.25 + $20 markup
It looks like the gold spot price can be acquired through an xml feed that updates every few minutes, but I’m not sure how to apply these updating values to my products.
How can this be accomplished?
If a new product needs to be added, is there a simple way to input the markup and weight for that product and then have the “goldspot” multiplied by the weight + markup = price?
I’m really new to all this, so any help would be greatly appreciated. Perhaps you could point me in the right direction if this question in part has already been addressed elsewhere.
Thanks so much.