Zijin Gold International's stock plummeted 5.00% during intraday trading on Friday, extending recent losses in the gold mining sector.

The decline comes despite the company reporting strong first-quarter earnings, with the broader selloff driven by macroeconomic factors. Rising U.S. Treasury yields have heightened expectations for Federal Reserve interest rate hikes, with the 30-year yield surpassing 5%, the benchmark 10-year yield rising above 4.5%, and the 2-year yield crossing 4%. Higher interest rates typically reduce the appeal of non-yielding assets like gold.

Additionally, the Indian government's decision to raise import duties on gold and silver from 6% to 15% has further pressured precious metals demand. This policy aims to curb consumption and support the domestic currency, following an appeal from Prime Minister Narendra Modi for citizens to refrain from gold purchases. The combination of these factors has created significant selling pressure across the gold mining sector.