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 /zigman2/quotes/210039517/delayed GCZ22 +0.06% 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%.