Shares of Northern Star Resources Ltd (NST.AU) plummeted 5.03% during intraday trading on Friday, significantly underperforming the broader market.

The sharp decline was driven by a sector-wide sell-off in gold stocks, triggered by a 2% drop in bullion prices. Escalating tensions in the Middle East pushed oil prices higher, heightening inflation concerns and reinforcing market expectations for elevated U.S. interest rates, which negatively impacts non-yielding assets like gold.

The Australian gold stocks sub-index logged its largest intraday percentage drop in over two weeks, with major miners across the board experiencing significant losses. The broader market sentiment was also weighed down by the geopolitical uncertainty and its implications for global risk appetite.