Gold prices edged up on Tuesday, having touched their lowest in over a week earlier in the session as safe-haven demand for the metal eased on optimism about a potential ceasefire between Israel and Hezbollah militants in Lebanon.

Oil recorded a significant decline yesterday after Israel agreed to ceasefire in Lebanon, following recent high increases.

Israel is potentially days away from a cease-fire agreement with Lebanon’s Hezbollah, the Israeli ambassador to the US said. Prices extended losses after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement. The parties haven’t yet announced an agreement, it said.