Gold prices end slightly higher, then extend gains as Fed lifts interest rates

Gold futures settled with a modest gain on Wednesday, then moved higher in electronic trading after the Federal Reserve announced a hike in the fed funds rate of 75 basis points to the 3.75% to 4% range. December gold GCZ22, -0.67% was at $1,666.80 an ounce in electronic trading shortly after the announcement. That follows a settlement of $1,650 an ounce, up 30 cents for Wednesday’s session.