Gold ETFs and other precious metals were down sharply for the third straight session on Wednesday as bullion slipped below $1,600 an ounce.

SPDR Gold Shares (NYSEArca: GLD) was down 1.3% at the open and iShares Silver Trust (NYSEArca: SLV) fell 2%.

The metals ETFs have been hit by the latest outbreak in Europe’s debt crisis, which has sent the U.S. dollar higher. PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) is on a seven-day winning streak. [Precious Metal, Miner ETFs Fall in Risk-Off Trade]

The ETF tracks the movement of the greenback against a basket of currencies. The rally has carried the currency fund above its 50-day and 200-day simple moving averages.

“We expect the downtrend to be continued as the failure to shape a Greek government stirs up anxiety about the future of the Eurozone,” Karvy Comtrade analysts said in a Bloomberg News report. “The euro is therefore likely to remain under pressure.” CurrencyShares Euro Trust (NYSEArca: FXE) declined 0.6% in early U.S. trading Wednesday.