Demand for gold has dropped by over a third year-on-year, despite a recent surrge in its price, as investors turned away from the safe haven investment and look for riskier assets.

According to a report from the World Gold Council, total identifiable gold demand for the third quarter reached 800.3 tonnes, or $24.7bn in dollar terms. This is up 15% from the second quarter but substantially down from this time last year, which saw soaring demand in response to a deepening financial crisis.