Following the announcement of the Federal Reserve raising US interest rates, gold took a beating on Thursday, as per reports. This is the first such increase by the Federal Reserve in almost a decade.

The US central bank's policy-setting committee increased the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 - 0.50 percent, as per reports. Spot gold fell 0.2 percent to USD 1,070.70 an ounce.

In the year, gold prices dipped around 10 percent, mainly on the speculation of the interest rates being increased by the Federal Reserve, and on fears that increased rates would impact demand for the non-interest-paying precious metal, as per reports.