Evolution Mining Ltd's stock fell 5% during Wednesday's trading session, tracking a broader decline in gold mining stocks.

The selloff comes as gold prices dropped to a more than two-month low, pressured by rising expectations of a U.S. interest rate hike this year and a broader market selloff. Australian gold stocks have now fallen for five consecutive sessions, with the gold sub-index declining 2.1%.

Evolution Mining, along with other major gold producers like Newmont, saw significant declines as the precious metal's price fell, reflecting investor concerns about monetary policy tightening and its impact on non-yielding assets like gold.