Gold futures closed lower in the international market on Wednesday as a benchmark U.S. dollar index headed higher in the wake of the U.S. Federal Reserve’s decision to lift a key interest rate.

The Fed on Wednesday voted to raise its benchmark federal-funds rate by a quarter-percentage point to a range of 1.75 per cent and 2 per cent. The central bank also said it expects to raise rates four times this year, up from a forecast of three in March.