Evolution Mining Ltd's stock plummeted 5.07% during intraday trading on Friday, mirroring a broader decline in gold mining stocks.

The decline comes as Australian gold stocks track bullion prices lower, pressured by hawkish policy signals from the U.S. Federal Reserve and a stronger U.S. dollar. The mining sector was weighed down by gold producers falling, with Evolution Mining specifically noted as declining alongside peers.

This movement extends losses for the gold sector, which is facing headwinds from monetary policy tightening expectations that typically diminish the appeal of non-yielding assets like gold.