10Y nominal yield
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US Real Yields Tracker
The US 10-year real yield — nominal Treasury yield minus expected inflation — is one of gold's strongest fundamental drivers.
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10Y breakeven inflation
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Gold pays no interest, so when real yields (the return investors get on Treasuries after inflation) are high, holding bonds is relatively more attractive and gold tends to lose ground. When real yields fall — or turn negative — the opportunity cost of holding gold drops, which has historically been supportive for the price. It's a slower-moving, macro-level driver rather than a day-to-day trading signal.
Real yield here is calculated as the 10-year Treasury yield minus the 10-year breakeven inflation rate (both published daily by the US Treasury / FRED).