Evolution Mining Ltd (EVN.AU) shares plummeted 5.27% during intraday trading on Wednesday, hitting a five-month low as the Australian gold miner tracked a decline in bullion prices.

The stock's sharp decline came as gold prices nudged lower, with rising Treasury yields and a firm U.S. dollar outweighing optimism over a potential U.S.-Iran peace agreement. Gold mining stocks are particularly sensitive to movements in the underlying commodity price, and Evolution Mining was among the hardest hit in the sector.

The broader Australian gold stocks index fell as much as 4.6% to its lowest point in over a month, reflecting the sector-wide pressure from easing bullion prices.