Gold continues to lose value on Tuesday afternoon ahead of the U.S. Federal Reserve's upcoming decision on interest rates, as trading data indicates.

As of 16:41 Moscow time, the price of the June futures for gold on the New York Comex has fallen by $35.3, or 1.52%, to $2,321.5 per troy ounce. May futures for silver are down 2.79%, at $26.890 per ounce. Investors are awaiting the Fed's interest rate decision, which is set to be announced on Wednesday.

According to CME Group, 97.3% of analysts expect the regulator to maintain the rate at 5.25-5.5%. The Fed's monetary policy decisions impact the dollar exchange rate, which in turn influences gold prices.

Despite anticipated delays in the reduction of the Fed's key rate, the price of the precious metal has risen more than 17% over the past year amid robust demand in Asian markets, particularly in China, and heightened geopolitical tensions in the Middle East. The demand for gold from central banks in the first quarter showed the strongest start to the year on record, the World Gold Council reported on Tuesday.