Gold price correlations Don't look at headline 10 year yield to track gold price.
The best (inverse) correlate to gold is real yield. This is calculated by "treasury breakeven" rate minus 10 year treasury yield. Treasury breakeven is 10 treasury yield (current 1.48) minus 10 year TIPS yield (current -0.69). Thats called "inflation expectation" and it's currently 2.17.
The real yield is currently treasury yield (1.48) minus "inflation expectation" (2.17) or -0.69%. This is massively up over the past month, which is bad for gold.