A rising U.S. dollar following Japan’s latest currency intervention Monday acted as a headwind for gold and silver exchange traded funds.

SPDR Gold Shares (NYSEArca: GLD) and iShares Silver Trust (NYSEArca: SLV) were down 1.4% and 2.8%, respectively, in the first hour of U.S. trading.

“Gold and other precious metals are being knocked this morning by profit-taking and the strong U.S. dollar,” said Commerzbank analysts in a note, according to a MarketWatch report.

The dollar strengthened after Japan stepped in again to force the yen lower and protect exporters. [Yen ETF Falls 3%]