Is gold a good inflation hedge?

Over multi-decade horizons gold has broadly preserved purchasing power. Over a single year the relationship is weak.

What is the real price of gold?

The nominal price deflated by the cumulative change in the price level over the period.

Because a hot print can raise expected policy rates faster than expected inflation, lifting the real yield.

Nominal bond yield minus expected inflation, cleanest as the 10-year yield against the 10-year breakeven rate.

Gold at ,800 rising to $2,400 over five years is a 33.3% nominal gain, but only about 12% in constant money at 3.5% average inflation.

Real yield, the nominal bond yield minus expected inflation, is the opportunity cost of holding a non-yielding asset.