NEW YORK (Reuters) - U.S. interest rates futures on Wednesday pared their initial gains linked to Donald Trump's surprise victory for the U.S. presidency, suggesting traders think the Federal Reserve may still raise interest rates at its Dec. 13-14 policy meeting.

Traders had speculated the U.S. central bank may refrain from raising rates in response to the immense market volatility worldwide overnight as the election results defied forecasts of a White House win for Democratic nominee Hillary Clinton.

Federal funds futures for December delivery were up 1.5 basis points at 99.51 after rising as high as 99.55 overnight. This implied about a 67 chance of a rate increase next month after falling to roughly 50 percent earlier, according to CME Group's FedWatch program. <FFZ6>

Late Tuesday, rate futures implied traders placed a 76 chance of a December rate increase.

(Reporting by Richard Leong; Editing by Lisa Von Ahn)