Some analysts are now projecting that with investors seeking out safe-haven investments as geopolitical tensions rise and economic uncertainty grows, gold could soon see prices rise to a record $2500 per ounce.

Over the past couple of weeks, futures have risen 3%, even briefly crossing a key psychological threshold of $2,000 per ounce on Tuesday.

In a note Wednesday, reported on by Business Insider, Fundstrat’s technical analyst Mark Newton wrote that by crossing that threshold, it produced the highest daily close seen in November. He went on to observe that if this week it rises above $2,000.37 per ounce, it will be the highest weekly close going back to the spring.

Newton went on to say, “This is quite positive technically, and I expect that gold has begun its push back to new all-time highs.” He said he believes that if gold can pass $2,009.41 per ounce, it would then go on to enter the $2,060-2,080 range.

In an interview with Business Insider, Newton said that if gold could break through the resistance at $2,080, that would mark a “definite technical breakout,” which would then cause investors to rush into it and quickly force the price even higher. He added, “My technical target for gold is $2,500/oz, and it looks appealing to be long precious metals given falling real rates, rising cycles and ongoing geopolitical conflict.”

He said that his timeline for gold to reach $2,500 is not necessarily for the year’s end, but that rather that is an “intermediate target.”

Gold has been on a rally since the Hamas attacks in Israel on October 7th. Analysts say gold benefits as a safe-haven asset due to fears the conflict in the Middle East could escalate, increasing energy costs, which would impact the global economy.

Gold has traditionally seen its investor sentiment soar in times of market uncertainty as a hedge to risks, and a store of value. As a result it will tend to see prices rise during economic instability, as well as during stock market and financial crises, military conflicts, and pandemics.