⁍ Gold hurtled to record peaks on Tuesday before the sheer scale of its gains drew a burst of profit taking.

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⁍ The precious metal had almost $40 higher at one point to reach $1,980 an ounce XAU=, only for a wave of selling to slap it back to $1,947 in wild trade.

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⁍ Gold is still up over $130 in little more than a week as investors wager the Federal Reserve will reaffirm its super-easy policies.

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– The US dollar hit a two-year low against a host of other currencies on Tuesday ahead of the Federal Reserve’s two-day policy meeting, which begins Wednesday. The euro hit its highest level in two years at $1.1735, while the dollar hit its lowest against the Swiss franc since mid-2015 at 105.10 yen, reports the Wall Street Journal. The euro was up 1.1%, the dollar was up 0.3%, and the British pound was up 0.6%, per the AP. The Fed is expected to keep interest rates low and perhaps start hiking again later this year, though many analysts believe the central bank will signal a dovish stance at Wednesday’s press conference. “The Fed is likely to continue the process of prepping markets for changes when he speaks at his press conference,” an analyst at TD Securities tells Reuters. “One shift could be to average inflation targeting, which would see the Fed aim to push inflation above its 2% target to make up for years of under-shooting.”