Gold futures pulled back on Tuesday after touching highs above the key $1,900 an ounce level, prompting prices to suffer their first loss in three sessions.
The dollar was down on Wednesday morning in Asia with investors awaiting upcoming U.S. inflation data while digesting that released by China earlier in the day.
Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted.
Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.
Asia Pacific stocks were mostly down Wednesday morning but moves remained small. Investors digested mixed inflation data from China while awaiting the same data from the U.S later in the week.
Gold held gains as investors await a key U.S. inflation report due later this week for clues on when the Federal Reserve may begin to talk about tapering its asset purchases.