Global gold demand rose 3% year-on-year to 1,313 metric tons, the highest quarterly level on record, in the July-September period as investment demand surged, the World Gold Council said in a statement on Thursday.

Gold prices have risen 50 percent so far this year after hitting a record high of $4,381 an ounce on Oct. 20, driven by safe-haven demand fueled by geopolitical tensions, uncertainty over U.S. tariffs and, more recently, a buying spree fueled by fears of missing out, Reuters notes.

“The outlook for gold remains bullish as the continued weakness of the US dollar, expectations of lower interest rates and the threat of stagnation could further boost investment demand,” said Louise Street, senior market analyst at the World Gold Council.

“Our research shows that the market is not yet saturated.”

Demand for gold bars and coins rose 17% in the third quarter, led by India and China, while inflows into physical gold-backed exchange-traded funds rose 134%.

These categories offset continued sharp declines in gold jewelry manufacturing, the largest physical demand category, which fell 23% to 419.2 tonnes as high prices weighed on buyers around the world.

Central banks, another major source of gold demand, increased their purchases by 10% to 219.9 tonnes in the third quarter, according to the WGC’s estimates, based on quoted purchases and its estimate of unquoted purchases.

Central banks bought 634 tonnes from January to September, “short of the exceptionally high levels of the past three years but comfortably above pre-2022 levels,” the WGC said.

On the supply side, recycling rose 6% and mine output rose 2% in the third quarter, bringing quarterly gold supply to historic highs.