Trading to a high of $1415.40 in intraday trading today, gold futures basis the most active August contract not only traded to a new record high for this year, but closed above $1400 per ounce.

If the majority of market analysts are correct, when they proclaimed that investors and traders have been factoring in a series of rate cuts by Federal Reserve, along with rate cuts by other global central banks, then why did gold rise by almost $45 today?

I cannot think of many organizations or people that can convey a 180° pivot by the use of a single word, except for the Federal Reserve and its chairman, Jerome Powell.