Evolution Mining Ltd (EVN.AU) shares plummeted 5.10% during intraday trading on Thursday, reflecting broader weakness in the Australian gold sector.

The decline comes as gold prices fell to a more than seven-month low overnight, pressured by a firmer U.S. dollar and growing expectations of interest rate hikes. As a gold miner, Evolution Mining's stock performance is closely tied to the price of the underlying commodity.

The Australian gold stocks sub-index was on track for a third straight session of losses, with shares of major gold miners including Evolution Mining dropping significantly in the session.