Has Gold Lost Its Hedge Appeal?

After a multi-decade wait, it appears that inflation has returned to the U.S. economy. However, gold, historically touted as the ultimate protection against inflation, has traded sideways over the past year. Has gold lost its position as an inflation hedge? Presented by @CME Group: https://www.cmegroup.com/openmarkets/quicktake-by-bloomberg.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights