Stock Track | Evolution Mining Plummets 5.10% Intraday as Gold Prices Hit Seven-Month Low on Firmer Dollar, Rate Hike Expectations
Stock Track
Jun 25
Evolution Mining Ltd (EVN.AU) shares plummeted 5.10% during intraday trading on Thursday, reflecting broader weakness in the Australian gold sector.
The decline comes as gold prices fell to a more than seven-month low overnight, pressured by a firmer U.S. dollar and growing expectations of interest rate hikes. As a gold miner, Evolution Mining's stock performance is closely tied to the price of the underlying commodity.
The Australian gold stocks sub-index was on track for a third straight session of losses, with shares of major gold miners including Evolution Mining dropping significantly in the session.
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