Asian gold mining equities slumped on Wednesday as spot gold prices fell to a more than three-week low, extending a four-day losing streak and pushing the metal below its 200-day moving average.
Sumitomo Metal Mining led declines among regional producers, plunging 11.15% to close at 10,080 yen. Australian-listed peers also retreated, with Westgold Resources falling 6.19% to A$6.06 and Northern Star Resources down 5.32% at A$22.43. Other miners including Perseus Mining, Ramelius Resources, Genesis Minerals, Regis Resources and Evolution Mining each declined between 2.95% and 3.63%.
The broader Australian market reflected the sector’s weakness, with the S&P/ASX 200 index declining about 1.1% for the session. Among other regional names, Lingbao Gold, Zijin Gold International, Zhaojin Mining Industry, Zijin Mining and Shandong Gold each fell between 1.79% and 2.89%. Pantoro Gold, Westgold Resources and Kingsgate Consolidated also recorded declines ranging from roughly 6% to 7.5%.
Gold’s retreat came as macroeconomic headwinds intensified. Higher oil prices, rising U.S. Treasury yields and a stronger U.S. dollar reinforced expectations that the Federal Reserve may maintain a hawkish policy stance, reducing the attractiveness of non-yielding assets like gold. The metal’s recent losses followed a multi-year high reached the prior week, with Wednesday’s session marking its fourth consecutive day of declines.
