Gold prices have rebounded this year as the Federal Reserve refrained from increasing U.S. borrowing costs, and Japan and Europe embraced negative rates to spur growth. That’s sent more investors to buy bullion as an alternative asset, while geopolitical turmoil and financial market volatility boosted the appeal of the metal as a store of value.

A stronger dollar, used in most bullion transactions, has made selling gold more attractive in countries where currencies have weakened, including the U.K., where voters in June elected to quit the European Union. That referendum pushed locally-priced metal above 1,000 pounds an ounce to the highest level in three years. In South Africa, one of the world’s top producers, prices touched an all-time high in the local currency in June.

For a primer on gold’s price history, click here.

Degussa Precious Metals Asia Pte Ltd., a major bar and coin dealer in Singapore, saw a 60 percent increase in scrap purchases from February to July. For European coin dealer CoinInvest.com, buybacks doubled as a share of sales since the so-called Brexit vote on June 23.

Coin Buybacks

“We’ve seen customers taking profits at these higher levels,” said Daniel Marburger, the chief executive officer of CoinInvest. “We’ve seen significant volumes presented for buy-back from the U.K. and Britain.”

There are some places where people are holding onto their old jewelry and trinkets.

In India, the world’s second-largest gold buyer, supply was reported flat as low demand meant there was little old jewelry being exchanged for new. In Turkey, the largest gold recycler last year, sales have slowed after reaching a record in 2015.

“Our business has been very, very slow,” V.K. Agarawal, a director at Shirpur Gold Refinery Ltd., said by phone from Mumbai. “We have not seen any scrap coming in the market.””

However, in Dubai, refiners say scrap material from India has been a lifeline. Their flows were hit last year when India offered tax-breaks for purifying dore, semi-refined material. The tax breaks don’t apply to scrap, meaning it’s profitable to export to the city-state, where premiums are higher.