Gold prices climbed to their highest level in seven months on Tuesday, driven by strong safe-haven demand as investors grew increasingly concerned about the global economic outlook. Spot gold rose as much as 0.7% to $1,293.33 per ounce, its highest since June 15.

The precious metal has benefited from a combination of factors, including:

• Growing concerns about a slowdown in global economic growth, particularly in China and Europe.
• Increased geopolitical tensions, including ongoing trade disputes and political instability in various regions.
• Expectations that the U.S. Federal Reserve will adopt a more cautious approach to raising interest rates.

These factors have led investors to seek out safe-haven assets like gold, which is traditionally seen as a store of value during times of uncertainty.

“Gold is acting as a safe haven,” said one analyst. “There’s a lot of uncertainty in the market right now, and people are looking for a place to put their money that they think will be safe.”

Other precious metals also gained on Tuesday, with silver up 0.5% and platinum up 0.8%.