Gold and Silver fell 1.54% to US$4,043 an ounce and 2.18% to $57.79 an ounce due to a resurgent US dollar, making dollar-denominated metals more expensive for overseas buyers. The move was triggered by a reassessment of Federal Reserve rate expectations following a strong consumer-spending print. Real yields on ten-year Treasury inflation-protected securities also increased, reducing the appeal of assets that pay no income. Mexico, the world's top silver producer, saw Fresnillo plc lose ground in London and Peru’s Compañía de Minas Buenaventura tracked the decline in New York. The iShares Silver Trust also lost ground, its price sinking in tandem. The dollar strengthened against the Chilean peso, the Peruvian sol and the Mexican peso. However, Brazil's central bank's decision to keep the Selic rate at 14.25% and a real yield above six per cent gave domestic investors a profitable alternative to holding bullion or bullion proxies. The drop in silver producers was seen as a buying opportunity or a deeper correction.