Harmony Gold Mining's stock plummeted 9.14% during intraday trading on Wednesday, as the gold mining sector faced significant pressure.

The decline comes as spot gold prices fell 2.1% to their lowest level since mid-February, with investors weighing the risk of a more hawkish U.S. Federal Reserve policy stance. High oil prices are fueling concerns about inflation, which in turn pressures gold prices and negatively impacts gold mining companies.

This sector-wide move saw other major gold miners including Newmont, Barrick Mining, Gold Fields, and AngloGold Ashanti also experiencing significant declines during the trading session.