Ramelius Resources Ltd (RMS.AU) saw its stock price plummet by 5.56% during intraday trading on Friday. The decline was part of a broader sell-off in the Australian gold mining sector.

The sharp drop followed overnight losses in gold prices as investors engaged in profit-taking after bullion hit a record high. This prompted a sector-wide decline, with the Australian gold stocks index logging its biggest intraday percentage decline in over a week.

As a constituent of the gold index, Ramelius Resources was directly impacted by the downward pressure on gold prices, reflecting the typical sensitivity of gold mining stocks to fluctuations in the underlying commodity's value.