The cost of February gold contracts on the New York Mercantile Exchange (NYMEX) rose 2% to $1841.8 per ounce. Prices for futures on the precious metal rose to the maximum level since July 5.

Gold rose more than 9 percent in the quarter, Bloomberg calculated. Demand for the precious metal is growing, thanks in part to a weakening dollar. The fall of the U.S. currency increases the attractiveness of the metal, as gold becomes cheaper for investors operating in other currencies.

Investor optimism in the market was also boosted by reports that China, the world’s largest buyer of gold, will lift more quarantine restrictions, and data from the U.S. showed a slowdown in inflation and consumer spending, which may help slow the pace of further rate hikes by the Fed, RBC writes.