Gold prices recovered to the $4,340-$4,360 range.
This follows a nearly 2% decline on Tuesday.
Global bond yields reached multi-decade highs, triggering the earlier sell-off.
Investors await the Federal Reserve's July meeting minutes for interest rate guidance.
The minutes will reveal details regarding three officials who voted for a rate hike.
Markets currently price a 65% probability that the Fed will hold rates steady.
A hawkish tone may strengthen the dollar and yields, pressuring gold prices.
A dovish interpretation would likely support the precious metal.