Gold prices rose from a five-week low hit in the previous session, although gains were limited as elevated crude oil prices kept inflation fears alive and clouded the US interest rate outlook, Reuters reports.

Spot gold rose 0.5 per cent to $4,543.87 per ounce by 0757 GMT, after a more than 2pc drop on Monday. US gold futures for June delivery were up 0.5pc at $4,554.10.

“Prices seem to be digesting a bit after the return of the ‘war trade’ across markets sent gold lower Monday,” said Ilya Spivak, head of global macro at Tastylive.