Evolution Mining Ltd's stock plummeted 6.82% during intraday trading on Wednesday, reflecting a sharp decline in the Australian gold mining sector.

The sell-off was driven by weaker bullion prices, which slipped 3.6% in the previous session. The decline in gold prices was attributed to a stronger U.S. dollar and dimming prospects for interest rate cuts from the U.S. Federal Reserve, which negatively impacts the appeal of non-yielding assets like gold.

The broader Australian gold sub-index fell as much as 7%, hitting its lowest level in over a week, with Evolution Mining and peer Northern Star Resources both declining over 5% amid the sector-wide weakness.