Gold and gold miner related ETFs plunged Thursday as trade talks and a rising rate outlook helped bolster the U.S. dollar.

The SPDR Gold Shares (NYSEArca: GLD) fell 0.9% Thursday as Comex gold futures dropped 1.0% to $1,191.6 per ounce.

Meanwhile, the VanEck Vectors Gold Miners ETF (NYSEArca: GDX), the largest exchange traded fund dedicated to gold mining stocks declined 3.2% and the small-cap VanEck Vectors Gold Miners ETF (NYSEArca: GDXJ), the second-largest exchange traded fund tracking gold miners equities, decreased 3.1%.

U.S. Rate Hike Likely in September

Minutes from the Federal Reserve’s latest policy meeting indicated the central bank will likely continue its course of rate hikes in September after its previous two hikes this year, dragging on demand for non-interest-yielding assets like gold, Reuters reports.

“Gold has fallen victim to another round of dollar strength,” Saxo Bank analyst Ole Hansen told Reuters. “The market needs to see that the trajectory of U.S. rate hikes is beginning to slow and that was not the signal in Fed minutes yesterday.”

Additionally dragging on the gold outlook, trade tariffs imposed by both the U.S. and China began to take effect Thursday, strengthening safe-haven demand for the U.S. currency, even as officials from both sides resumed trade talks in Washington.

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