Evolution Mining Ltd (EVN.AU) saw its stock price plummet by 5.68% during intraday trading on Monday, as the gold miner was caught in a broader sector sell-off.
The sharp decline was driven by a fall in bullion prices, which dropped by approximately 2%. This decrease in the underlying commodity price negatively impacted Australian gold stocks, including Evolution Mining, as their profitability is directly linked to the price of gold.
The broader Australian gold sub-index fell as much as 4%, hitting its lowest level in nearly a month, with Evolution Mining being a notable decliner within the sector.
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