Spot gold was up 0.3% at $1,923.95 an ounce by 0210 GMT. US gold futures rose 0.5% to $1,927.70.
The metal fell as much as 1.8% on Tuesday to its lowest level since February 28 at $1,889.45.
“The (weaker) dollar provided a level of support for gold…bond prices rebounded from a key support level yesterday, which helped push yields lower despite the supposed recovery in risk is watching over equities. And that has provided another pillar of support for gold,” said Matt Simpson, senior market analyst at City Index.
To support gold, investors remain suspicious of the real intentions of Russia, which has promised to reduce its “military operations”, he added.
Ukraine reacted with skepticism to Russia’s promise in negotiations to scale back military operations around kyiv and another city, as some Western countries expected Moscow to step up its offensive in other parts from the country.
The Dollar Index slid to its lowest level in more than a week in the previous session, making gold cheaper for holders of other currencies. [USD/]
Yields on the benchmark US 10-year index have also fallen from their nearly three-year high, and lower yields are lowering the opportunity cost of holding non-yielding bullion. [US/]
Holdings of the largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.2% to 1,091.44 tonnes on Tuesday. [GOL/ETF]
Spot silver was up 0.1% at $24.78 an ounce and platinum was up 0.9% at $991.49.
Palladium gained 1.5% to $2,182.15, after hitting a more than two-month low of $2,032.97 last session.
The auto catalyst metal has fallen nearly 40% since hitting an all-time high on March 7, following easing supply concerns from Russia.