Gold’s explosive start to 2016 has lifted prices to the highest level in a year as investors flee a bear market in global stocks, a weakening dollar and the fallout from the spread of negative interest rates.

Gold for immediate delivery traded at $1,239.65 an ounce at 8 a.m. in Singapore from $1,246.70 on Thursday, when the metal surged to $1,263.48, the highest since February 2015, according to Bloomberg generic pricing. This week, bullion has advanced 5.6 percent, heading for the biggest gain since October 2011. It’s up 17 percent this year.

Investors have been flocking back to gold after three years of losses as a souring global economy, including in China, pummels stock prices. The turbulence has eroded expectations that the Federal Reserve will raise interest rates this year, hurting the dollar and adding to bullion’s allure. Central bankers from Tokyo to Stockholm have embraced the notion of negative rates and even Fed Chair Janet Yellen said on Thursday the U.S. central bank is taking another look at the tool, if the economy falters.

Source: Bloomberg