Evolution Mining Ltd (EVN.AU) saw its shares plummet 10.91% during intraday trading on Tuesday, mirroring a broader decline in Australian gold stocks.

The sharp drop comes as bullion prices hit more than a two-month low, following strong U.S. jobs data that boosted expectations of a Federal Reserve rate hike. Higher interest rates typically make non-yielding assets like gold less attractive to investors, putting pressure on gold mining companies like Evolution Mining.

Evolution Mining was among the hardest hit in the Australian gold sub-index, which fell 6.5% to its lowest level since late March. The company's decline reflects the challenging environment for gold producers as monetary policy expectations shift.