Global demand for gold rose 5% in the third quarter, with the precious metal setting a new record by pushing consumption above $100 billion for the first time, according to the World Gold Council-WGC.

The increase – which saw volumes rise to 1,313 tonnes – thanks to stronger investment flows from the West, which helped offset waning appetite from Asia, the industry-funded body said in a report.

Gold has soared this year to consecutive records, in a rally that has delivered gains of more than 33% since the start of the year.

The jump has been driven by strong buying by central banks and increased demand from wealthy investors, with recent gains supported by the Federal Reserve’s shift to lower interest rates.

Markets in the opaque over-the-counter market have become an increasingly important force for prices, according to John Reid, the council’s chief market strategist, according to Bloomberg.