Both
All other things being equal, a high wing a/c will have a CoG nearer the top of the fuselage than if it had low wings; however, the CoG will still be below the wing, hence having 'pendulum' stability.
For a low wing configuration, the CoG will be nearer the bottom, but unlikely to be below the wing. That's one reason why low wing a/c usually have some dihedral, but high wings typically have far less / none.