Brent crude futures for April gained 19 cents, 0.3 per cent, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1 per cent.
Benchmark US Treasury yields hovered near the one-year peak hit in the previous session. Higher yields increases the opportunity cost of holding a non-yielding bullion.
SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,106.36 tonnes on Wednesday from 1,110.44 tonnes on Tuesday.
In the international markets, gold prices were trading steady at $1,807 an ounce and silver was almost flat at $27.63.
Bullion prices traded under pressure with rise in US bond yields despite of dovish stance from US Fed chairman Jerome Powell, as he signalled accommodative policy for next couple of years to support economic recovery.
Gold futures on MCX were up 0.05 per cent or Rs 25 at Rs 46,821 per 10 grams. Silver futures rose 0.36 per cent or Rs 250 to Rs 69,591 per kg.
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Silver rose 0.4% to $27.73 an ounce. Platinum climbed 1.4% to $1,253.76, while palladium added 0.4% to $2,360.69.
International crude oil prices have surged to their highest levels in 13 months recently, led by a strong demand outlook due to recovery in global economies as well as supply disruptions in the Middle East.
The international benchmark Brent crude oil prices have risen by 28 per cent since the beginning of the year from $51.22 to $65.74 per barrel on Tuesday on expectations of improvement in oil demand in 2021 and production cuts.
Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.
Brent crude was up 7 cents, or 0.1%, at $65.31 a barrel by 1505 GMT, still close to its highest levels since January 2020. US crude fell 14 cents, or 0.2%, to $61.56 a barrel.
Spot gold was steady at $1,809.16 an ounce by 10:49 a.m. ET (1549 GMT), after dropping as much as 0.7% in the session.
A pre expiry margin will kick in during the last five trading days prior to expiry date, wherein the margin will increase by 5% daily, Sebi said in a circular late evening on Tuesday.
The regulator said these margins will have to be levied five days ahead of the expiry date and they will increase by 5% every day.
The price of gold had closed at Rs 46,035 per 10 gram in the previous session on Monday.
Bullion prices made strong comeback after previous week’s decline while base metals prices continued upside with China demand.