Gold prices rebounded from a one-month low hit the day before, though gains were capped as elevated oil prices kept fears alive of inflation and higher-for-longer interest rates, reports Reuters.

Spot gold was up 0.3 per cent at $4,553.69 per ounce, as of 0417 GMT, after falling to its lowest level since March 31 in the previous session. US gold futures for June delivery rose 0.1pc to $4,565.10.

“Gold is representing a value proposition for traders at current levels. So, dip buying is playing a part in gold’s recovery efforts today,” said Tim Waterer, chief market analyst at KCM Trade.