Gold prices fell again this week, losing 2.57 percent to trade at $1,214 per ounce as of 12:50 p.m. EST on Friday. 

According to the Wall Street Journal, gold was on track to drop for the eighth session in a row on Friday, as save haven demand was tempered by further evidence of a US economic recovery. Earlier this month, market watchers put the probability of the fed raising interest rates in June at 4 percent, but that number has now risen to 28 percent.

“The high level of speculative interest and renewed interest rate hike speculation in the U.S. makes gold susceptible to a price correction in the short term,” the Journal quoted Commerzbank as stating.

Meanwhile, silver prices were also down for the week on a stronger dollar and increased likelihood of an interest rate hike, dropping 1.22 percent to $16.18 per ounce as of 1:55 p.m. PST.

However, in an interview with Bloomberg this week, First Majestic Silver (TSX:FR) CEO Keith Neumeyer said that he sees silver prices surging as high as $140 per ounce by 2019.

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“The silver rally is just beginning,” Neumeyer told the news agency. “What we’ve seen in the last two months is just the beginning of the next bull market.”

According to a recent report from FocusEconomics, the majority of analysts surveyed expect silver to end 2016 at a lower level, though some see the metal finishing the year as high as $19.50 per ounce.

On the base metals side of things, comex copper prices saw some gains for the week. The red metal rose 2.37 percent to $2.14 per pound.

However, Reuters reported that copper prices are still headed for their biggest monthly drop in six months on the back of concerns over falling Chinese demand growth. A stronger dollar also put pressure on copper.

“I still have the opinion demand is in bad shape and if the dollar strengthens then that will be enough to push it lower,” said Dominic Schnider of UBS Wealth Management in Hong Kong told Reuters. “$4,400 is a price we can think about in an environment of broad dollar strength and Asia’s growth still struggling to find a floor.”

Finally, spot oil prices were also on the rise, up 2.41 percent to $49.23 per barrel. Oil prices dipped on Friday after touching a seven-month high on Thursday, the Wall Street Journal reported. Some analysts saw the drop as a temporary pullback, while some saw oversupply issues driving prices down.

“People are worried crude production will come roaring back at these prices,” Phil Flynn, energy markets analyst at the Price Futures Group in Chicago, told Reuters. “But I also think we are down because of higher interest rate concerns and the longer weekend.”

Brent crude prices l