Gold futures slipped before $4,000 ahead of the Federal Reserve’s October policy meeting. The yellow metal has slumped since reaching close to $4,400 early last week as US-China trade tensions diminish, suggesting that gold’s recent rally was driven by safe-haven demand.

December gold futures tumbled 0.7% to a three-week low of $3,952.87 per ounce on Tuesday on the COMEX division of the New York Mercantile Exchange. Despite the latest selloff, the yellow metal is still up more than 51% this year.

Silver, the sister commodity to gold, wobbled throughout the trading session. December silver futures dipped $0.054, or 0.11%, to $47.265 an ounce. The white metal is also up about 61% year-to-date.

Expectations of improving trade relations between the world’s two largest economies have put a stop to gold’s meteoric ascent, creating an overbought market.

“The U.S.-China trade tensions have really diminished, with a possible trade deal later this week after a summit meeting between Presidents Xi and Trump. That’s bearish for the safe-haven metals,” said Jim Wyckoff, senior analyst at Kitco Metals, according to CNBC.

With monetary policy easing priced into the market, it is unclear what gold’s next catalyst could be.

The Federal Reserve is widely expected to lower interest rates when it completes its two-day Federal Open Market Committee meeting on Wednesday. The Fed is projected to reduce the benchmark federal funds rate by another 25 basis points, bringing the fresh target range to 3.75% to 4.00%.

Lower interest rates benefit gold prices because they diminish the opportunity cost of holding non-yielding bullion.

Looking ahead, market watchers have presented mixed expectations for gold. Some signal higher prices ahead, while others have trimmed their expectations.

In other metal markets, December copper futures were little changed at $5.167 per pound. December platinum futures jumped $3.70, or 0.23%, to $1,588.50 an ounce. December palladium futures rose $11.50, or 0.81%, to $1,430.00 an ounce.