Gold Erases Gains On Rebounding Treasury Yields

Gold is heading for its first decline in three days, erasing its gains from that period, as US Treasury yields rebounded following congressional approval of a massive stimulus package. Spot gold edged 0.2% lower to $1,724.28 per ounce by noon EST, while US gold futures held steady at $1,721.60 per ounce.   Yields are on the rise again Thursday, as President Joe Biden plans to sign his $1.9 trillion covid-19 relief bill later this week after clearing the final congressional hurdle. Rising yields have played havoc with the price…