Britain's FTSE down after Fed but outperforms Europe

* FTSE 100 down 0.6 percent

* Fed decision lifts precious metals miners

* Miner Glencore falls on equity placing concerns

* UDG Healthcare (LSE: UDG.L - news) rises after sale of pharma division

LONDON, Sept 18 (Reuters) - UK shares fell on Friday after the U.S (Other OTC: UBGXF - news) . Federal Reserve left interest rates unchanged on concerns about the global economy, although a rise in metals miners meant Britain's blue-chip index outperformed Europe.

Recent financial market volatility and disappointing inflation data contributed to the Fed's decision to hold steady, but the committee maintained its bias towards a rate hike sometime this year, while lowering its long-term outlook for the economy.

"I think the downbeat tone ... if nothing else, suggests that if equities didn't look good value on Wednesday ahead of the Fed, they don't really look particularly good value either on Friday after the Fed," Chris Beauchamp, market analyst at IG (LSE: IGG.L - news) , said.

Britain's FTSE 100 index was down 0.6 percent at 6,149.76 points at 0854 GMT, although European indexes were all deeper in negative territory.

The Fed's move had a dual effect on commodity markets, with an ensuing fall in the U.S. dollar on currency markets making metals more affordable to buyers holding other currencies, but also renewing doubts over the outlook concerning demand for them.

UK precious metal mining stocks led the gainers, with Randgold Resources and Fresnillo (Other OTC: FNLPF - news) up 3.7 percent and 3.6 percent respectively as buyers moved in on the view that the Fed news will keep the dollar under pressure and lift gold prices.

"I think it's going to give a bit of breathing room to gold and silver in the short-term," said IG's Beauchamp.

Miner Glencore led the fallers, down 2.8 percent and trading at life lows after trade bodies raised questions about its recent $2.5 billion equity placing.

In the mid-caps, healthcare services provider UDG Healthcare was up 7.6 percent after McKesson Corporation (NYSE: MCK - news) agreed to buy its pharmaceutical distribution division. (Reporting by Kit Rees; Editing by Hugh Lawson)