Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday after the Federal Open Market Committee announcement delivered after the market's close on Wednesday.

The most active gold contract for December delivery fell 4.9 U.S. dollars, or 0.37 percent, to settle at 1,303.30 dollars per ounce.

The results of the Federal Open Market Committee (FOMC) meeting are in and U.S. central banking officials have said they are waiting for further evidence to indicate a rate hike, but have still left the door open for a December increase in the key interest rate.

Investors believe the Fed may raise rates from 0.50 to 0.75 during the December FOMC meeting. According to the CME Group' s Fedwatch tool, the current implied probability of a hike from 0.50 to at least 0.75 is at 72 percent at the December meeting and 73 percent for the February meeting.

Some analysts note that the U.S. election is the likely cause of the Fed waiting until December to raise rates. Instability caused by the U.S. election likely will impact the market over the next couple of days and analysts believe the U.S. central bank does not want to contribute to the chaos with a rate hike.