Newmont Corp-CDI shares experienced a significant decline of 5.01% during intraday trading on Monday, reflecting negative sentiment toward the gold mining sector.

The sharp drop in Newmont's stock price comes as gold futures prices tumbled 2% in the previous trading session, marking the second consecutive week of declines for the precious metal. According to market reports, the gold price weakness is in response to ongoing inflation concerns and expectations of further interest rate hikes.

As one of the world's largest gold producers, Newmont Corporation is particularly sensitive to fluctuations in gold prices, with the company's revenue and profitability directly tied to the commodity's market value. The decline in gold prices typically pressures mining company valuations and investor sentiment toward the sector.