Gold prices rebounded ‌on Tuesday from the previous session's five-week low, as oil prices edged lower, but persistent Middle East ​tensions and inflation concerns kept gains in check.

Spot gold rose 0.7% to $4,553.41 per ounce by 0935 GMT, after ​touching its ​lowest level since March 31 on Monday. U.S. gold futures for June delivery gained 0.7% to $4,563.50.

"A pullback in the oil price on profit-taking, despite tensions ⁠being intensified in the Middle East, has given a lift to gold from a five-week low, as fear seems to have become normalised," said independent analyst Ross Norman.

Brent crude futures retreated on Tuesday but held above $110 a barrel, while investors monitored ​Middle East developments.

The fragile ‌ceasefire in ⁠the region appeared ⁠to be fraying once more as the U.S. and Iran launched renewed attacks, competing for control of ​the Strait of Hormuz, amid conflicting reports about ships passing ‌through the strait in recent days.

Since the start ⁠of the U.S.-Israeli war on Iran in late February, gold prices have been inversely proportional to crude. Despite being a hedge against geopolitical volatility, soaring energy costs have stoked fears of a spike in inflation and lowered hopes of rate cuts, pushing gold down more than 13%.

Non-yielding bullion loses its appeal in high interest rate environments as investors turn to assets that offer better returns.

"Although gold's fundamentals point to good gains later this year, the market is clearly in an extended consolidation phase just ‌now and through the physical market is attempting to establish a ⁠price floor, especially after epic moves in Q1," Norman ​said.

Meanwhile, investors are also looking out for a slew of jobs data including job openings, the ADP employment report and the April payrolls report this week, that is likely to ​govern the U.S. ‌Federal Reserve's policy path.

Spot silver firmed 1.3% to $73.69 an ounce, ⁠platinum gained 1.7% to $1,977.20, and palladium ​rose 1.8% to $1,507.01.