VanEck Vectors Gold Miners ( GDX ) reversed lower following the Fed's move. Major stock-index ETFs closed lower Wednesday after the Fed's decision to raise interest rates for the first time in 2016. Schroders' James Luke wrote in a Dec. 8 note: "Prospects of a hike in interest rates have been rising faster than inflation expectations, which is bad for gold in the short term but we doubt this will continue for long.