Treasury bonds edged higher Tuesday as buyers stepped in after an earlier bout of selling. The bond market continues to attract buying interest amid concerns about the uneven pace of global economic growth and the valuation of U.S. stocks that hit record highs earlier this month.

In recent trade, the 10-year Treasury note was 1/32 higher, yielding 2.532%, according to Tradeweb. The yield hit 2.472% during last Thursday’s session, which was the lowest level since Oct. 30. When bond prices rise, yields decline.

Bond prices have pulled back in the past two sessions amid a lull of U.S. economic releases as some investors deemed the recent rally overdone.

“Bond prices are just a bit tired from going straight up for a month,” said Thomas Roth, executive director in the U.S. government bond trading group at Mitsubishi UFJ Securities (USA) Inc. in New York.

Mr. Roth expects the 10-year yield to trade in a range of 2.47% to 2.6%. Yields may move lower on “weak data, more war in Ukraine or more jawboning” from the Federal Reserve to keep interest rates low for longer, he said.

The 10-year yield has tumbled from about 3% at the start of the year, which has come as a surprise to investors looking for yields to extend last year’s rise.

Investors have piled into bonds this year as they fret about soft euro-zone growth, a slow recovery of the U.S. and waning momentum in China’s economy. Growing reassurance from major central banks that they are not in a rush to raise interest rates further bolstered bond prices, and so did concerns about lofty stock prices.

Some analysts said these factors would continue to support the bond market. They said that for bonds to sell off, there needs to be clear evidence that the U.S. economy would accelerate to a pace of 3% or higher for the balance of the year following an anemic 0.1% growth during the first quarter.

Jason Evans, co-founder of hedge fund NineAlpha Capital LP in New York, noted that U.S. bonds offer higher yields than many other major government bond markets such as Germany and Japan.

On Tuesday, the 10-year German government bond yielded 1.357% and the 10-year Japanese government bond yielded  0.585%.

By Min Zeng