Updated from 8:53 a.m. ET with settlement prices and analyst comments
NEW YORK ( TheStreet) -- Gold prices fell on Friday after German Chancellor Angela Merkel suggested that the European Central Bank may need to raise interest rates for Germany as it would have to provide greater liquidity for struggling eurozone members.
COMEX Gold for June delivery dipped $8.40 to $1,453.60 an ounce. The gold price traded as high as $1,484.80 and as low as $1,447.3 an ounce, while the spot price was down 8.70, according to Kitco's gold index.
"Heavy selling around 12 p.m. ET caused sharp reversal in gold and silver after some Euro Zone remarks from
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