Gold futures fall in electronic trading after Fed raises interest rates

New York (Dec 14)  Gold futures moved lower in electronic trading late Wednesday from their settlement level after the U.S. Federal Reserve announced a one-quarter point increase in interest rates. The ICE U.S. Dollar Index DXY, +0.51% was trading 0.4% higher after the decision, pressuring dollar-denominated prices for the yellow metal. December gold GCZ6, -0.03% was last at $1,159.60 an ounce in electronic trading, down from the $1,163.70 settlement, which had marked a rebound from Tuesday's finish at a roughly 10-month low.

By 2:30pm EST spot gold was down $7 to $1,153, while spot silver was basically flat at $16.94. Platinum and palladium were also just treading water on the day.