A rotary drill bit includes movable gauge elements biased to protrude radially through a circumferential engagement surface of a gauge pad. The gauge elements are retractable to protrude a lesser distance against the bias of a biasing mechanism. Fluid chambers are defined adjacent the gauge elements, and fluid is permitted to be bled into and out of the fluid chambers to delay and slow the retraction and extension of the gauge elements. During straight drilling operations, the biasing mechanisms maintain the gauge elements in an extended position providing stability to the drill bit. When a steering force is applied to the drill bit, the gauge elements retract slowly as fluid is bled from the fluid chambers. As the gauge elements rotate with the drill bit, the retracted configuration may be maintained as gauge elements disengage the geologic formation on a side of the drill bit opposite the steering direction.