Where do I find the real yield?

From inflation-protected government bond yields, published daily. The ten-year US series is the reference most gold analysis uses.

Why does gold rise when real yields fall?

Because the return sacrificed by holding a non-yielding asset shrinks, which makes gold relatively more attractive to hold.

Is inflation good for gold?

Only when nominal yields do not rise faster. Gold responds to real yields, not to headline inflation on its own.

Can I use real yields as a trade signal?

As a bias input, yes. As an entry trigger, no — the relationship operates over weeks and months, not minutes.

WHAT IS A REAL YIELD?

A real yield is a nominal government bond yield minus expected inflation, observed most directly in inflation-protected securities. Because gold pays no coupon, the real yield measures the return an investor forgoes by holding the metal instead of a bond, making it the cleanest expression of gold's opportunity cost and its most persistent macro driver.

This mechanic explains why inflation alone does not lift gold: if nominal yields rise faster than inflation expectations, real yields increase and the backdrop is a headwind despite the inflation headline. The correlation between gold and ten-year real yields is strong but varies by regime, so it is best used as a directional bias input measured from published data rather than as a short-term entry trigger.