Gold miners get crushed after the Fed raises rates

The price of spot gold fell as much as 2.5 percent on Thursday, as the dollar surged after the Federal Reserve hiked interest rates for the first time in nearly a decade and hinted at more increases in 2016.

The central bank raised the range of its benchmark interest rate by a quarter of a percentage point on Wednesday.

Click here for the latest quote for spot gold.

Gold futures are edging closer to breaking below $1,000 an ounce at current levels. They settled down $27.20 an ounce at $1,049.60.

The last time the precious metal traded below $1,000 on an intraday basis was Oct. 2, 2009, when it hit a low of $987. The last time futures settled below $1,000 was on Sept. 29, 2009, at $993 an ounce.

Gold miners stocks are also getting pummeled. See a list of the losers below.

— CNBC's Gina Francolla and Reuters contributed to this report.