Thoughts on Gold/Silver and broader inflation outlook

Been watching the commodities space pretty closely lately, especially with all the noise around inflation and central bank stances. $SLV is down slightly today at 53.95, but still trading within its recent range, while $KC is seeing a decent bump, up over 4% at 10.91. It makes me wonder about the broader picture for precious metals.

On one hand, you have persistent inflation concerns, which theoretically should be a tailwind for assets like silver and gold. But then the market seems to be pricing in a more hawkish Fed for longer, which strengthens the dollar and can put a lid on commodity gains. How are others balancing these conflicting signals when looking at $SLV or even gold? Is this just short-term volatility or are we seeing a re-evaluation of how well precious metals serve as an inflation hedge in this environment? Curious to hear some perspectives on this.