Gold prices dropped on Tuesday in Asia but remained above the $1,500 level.

Gold Futures fell 0.4% to $1,505.05 by 12:30 AM ET (04:30 GMT).

The yellow metal rose in the previous session following an attack on Saudi Arabian oil installations that triggered a flight to safety that benefited almost all haven assets.

Looking ahead, the U.S. Federal Open Market Committee will hold its regular meeting on Tuesday and Wednesday. The Federal Reserve is widely expected to cut rates by 25 basis-point, although stronger-than-expected retail sales and consumer sentiment data released on Friday undercut the case for more aggressive policy easing.

Fed Chairman Jerome Powell’s post-decision press conference on Wednesday will be in focus.

“Given that the market is pricing in additional 60bp of cuts by end-2020, forward guidance will be key,” analysts at TD Securities said in a note.

On the Sino-U.S. trade front, China’s Commerce Ministry said today that Vice Finance Minister Liao Min will lead a delegation to visit the U.S. later this week for trade discussions