Gold prices settle higher, move lower in electronic trading after Fed lifts interest rates as expected

Gold futures settled higher on Wednesday, then moved lower in electronic trading following the Federal Reserve’s decision to raise the fed funds rate by 75 basis points to the 3% to 3.25% range. The central bank also penciled in another 125 basis points in rate hikes by year-end. The U.S. dollar strengthened and Treasury yields climbed in the wake of the decision, putting pressure on gold prices. December gold GCZ22, +0.92% was at $1,667.20 an ounce in electronic trading. The contract had climbed by $4.60, or 0.3%, to settle at $1,675.70 an ounce on Comex Wednesday, a day after losing 0.4%.