Newmont Corp's stock fell sharply by 5.02% during Monday's intraday trading session, reflecting significant downward pressure on the gold mining company's shares.

The decline comes as gold prices dropped 0.7% to US$4,609.6 an ounce on Friday night, with the precious metal losing almost 10% in value during the week. Market analysts attribute the falling gold prices to growing concerns that interest rates could be heading higher, which typically reduces the appeal of non-yielding assets like gold.

As one of Australia's leading gold producers, Newmont Corp is particularly sensitive to fluctuations in gold prices, with the company's shares often moving in tandem with the underlying commodity value. The interest rate concerns have prompted investors to shift away from gold-related assets, contributing to the stock's significant decline.