A receiver or transmitter circuit includes a signal propagation path between a radio-frequency (RF) signal node and a baseband processing circuit. Variable gain circuitry is configured to vary a gain applied to a signal propagating between the RF signal node and the baseband processing circuit. The variable gain circuitry varies the gain via first, coarse steps as well as via second, fine steps. This facilitates fine matching of the gains experienced by signals propagating over the in-phase and the quadrature branches in the transmitter and/or receiver circuit.