Newmont Corp's stock plummeted 5.02% during intraday trading on Friday, reflecting a significant decline for the gold mining giant.

The sharp drop comes as the broader gold sector faces pressure following an overnight decline in gold prices. According to market reports, gold futures sank 5.15%, with inflation and higher interest rate concerns weighing heavily on the precious metal. Gold mining shares, including Newmont Corporation, are particularly sensitive to movements in the underlying commodity price.

As a major player in the ASX 200 gold sector, Newmont's performance is often a bellwether for precious metal stocks, and the current market sentiment driven by macroeconomic factors appears to be driving the sell-off.