Gold Prices Bounce Back After Seven-Week Low

Gold prices rose 0.6% to $4,140.21 an ounce on Tuesday, rebounding from a seven-week low reached earlier in the day.

The increase came as Treasury yields stabilized after surging to a 19-year high on Monday, when hopes for a diplomatic breakthrough in the Middle East faded.

Brent crude prices also advanced for a second day, following Iranian officials' private expressions of pessimism about reaching a deal with Washington before US midterm elections in November.

Despite the rebound, gold remains under pressure due to high energy prices and expectations that the Federal Reserve will continue tightening policy to combat inflation.