Precious metals stocks faced widespread selling pressure on Wednesday. Shares of Harmony Gold Mining (HMY.US) and Gold Fields Ltd (GFI.US) were down more than 4%, while AngloGold Ashanti Ltd (AU.US) also declined by over 4%.

Kinross Gold Corp (KGC.US) shares fell more than 3%. Agnico Eagle Mines Ltd (AEM.US) and Newmont Corporation (NEM.US) both saw declines exceeding 2%.

In the silver sector, Pan American Silver Corp (PAAS.US) dropped 2%, and First Majestic Silver Corp (AG.US) fell 3%.

The moves followed a sharp drop in the underlying commodities. Spot gold prices briefly fell below $1,970 per ounce during the session, declining over 3% on the day. Spot silver prices experienced an even steeper drop, falling as much as 5% intraday.