Gold futures hit their highest level since July on Wednesday as geopolitical conflict has intensified in the Middle East.

The precious metal has often been considered a safe-haven asset for investors in times of conflict and uncertainty. Its most recent spikes were an all-time high during the pandemic-driven market turmoil in spring 2020 and at the onset of the Russia-Ukraine conflict in early 2022.

“Gold should have some near-term momentum as geopolitical tensions in the Middle East persist,” DataTrek co-founder Jessica Rabe wrote in a note on Monday.

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But there’s skepticism over how much higher the asset can go. Lee Munson, the chief investment officer at Portfolio Wealth Advisors, has long been a self-proclaimed buyer of gold.

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