Real Interest Rates are Low/Negative.
The price of gold in year-over-year percent change terms tends to inversely correlate strongly with real interest rates, as measured by the 10-year Treasury yield minus the official inflation rate.
Gold continues to follow its inverse correlation with real rates. Treasury yields have risen faster than inflation expectations lately, resulting in a bounce in real yields off of their local bottom.
Gold is not as mysterious as many seem to believe. It is a function of real rates & the USD
Here we see the relation GLD vs TIP/DXY
This chart below shows the most common calculation investors do : Bond 10ys Breakeven Inflation Rate/Gold price. When 10ys breakeven goes negative institutional investors buy gold. Is almost a mirroring relation. This is the most calculation for buying gold or not.
Why PM prices will go higher., page-147
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