A drill bit has a plurality of cutters secured to the bit body, including a gauge cutter defining a gauge diameter of the drill bit. A reciprocating gauge assembly on the bit comprises a cavity defined in the bit body, a piston reciprocably disposed in the cavity, a wear element on an outwardly facing end of the piston, a piston retainer for moveably retaining the piston in the cavity, and a spring biasing the piston outwardly to a neutral position of the wear element with respect to the gauge diameter. The wear element and piston may be urged inwardly in response to an applied load at the drill bit gauge pad, increasing the lateral depth of cut and thereby controlling the aggressiveness of the bit in response to the load.