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Gold edged lower on Wednesday after registering its biggest jump in two months in the last session, as higher U.S. Treasury yields and a buoyant dollar remained a stumbling block for bullion.

Spot gold eased 0.1% to $1,714.23 per ounce by 1015 GMT after rising more than 2% on Tuesday. U.S. gold futures fell 0.3% to $1,711.70.

U.S. yields regained momentum on Wednesday, raising the opportunity cost of holding bullion while the dollar also rose.

"Gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market," said CMC Markets UK's chief market analyst, Michael Hewson, adding a stronger dollar could be a further drag on bullion prices over the next few days.

The U.S. House of Representatives cleared the way for the $1.9 trillion U.S. COVID-19 relief bill to be considered on Wednesday, when it is expected to be approved.

Although gold is widely considered a hedge against higher inflation anticipated to be fuelled by stimulus measures, higher yields have challenged that status this year.

Policymakers were divided on a large-scale market intervention to counter a rise in yields ahead of a European Central Bank meeting on Thursday.

The U.S. Federal Reserve "would have to flood markets even more, blue in the balance sheet further to keep yields at a low level, but that would here in the current environment only fuel more inflation expectations," said Quantitative Commodity Research analyst Peter Fertig.Silver fell 0.3% to $25.82 an ounce. Palladium shed 0.1% to $2,295.37, while platinum was steady at $1,168.32.

More platinum deficits loom this year after a record undersupply of almost a million ounces in 2020, the World Platinum Investment Council said.

Analysts at Swiss bank UBS forecast platinum prices reaching $1,300 over the next 12 months, driven by high investment demand and strained supply.