December 20, 2018 (MLN): Gold prices ultimately fell on Wednesday as the U.S. Federal Reserve raised interest rates and noted that further rate hikes would be needed next year as well. Moreover, the central bank said that the U.S. economy has been developing at a strong rate and the job market has continued to improve, a report by CNBC said on Thursday.

Gold fell 0.4 percent $1,244.59 at 2:51 pm ET. The metal earlier hit $1,258.03, its highest since July 10.

U.S. gold futures fell 0.37 percent to $1,248.90 an ounce.

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