Stock Track | Evolution Mining Plummets 6.82% as Gold Prices Weaken on Stronger Dollar, Dimming Fed Rate Cut Prospects
Stock Track
Mar 04
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.
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