Australian gold stocks, the sub-index referred to with the ticker symbol AXGD, reported a plunge of 1.02%, marking their most significant intraday loss since September 6.

This decrease was in direct correlation with a one-week slump in gold prices, spurred by the advancing U.S Treasury yields and dollar, and the Federal Reserve’s resurgence of an aggressive stance on interest rates.

Shares of major sub-index companies, Newcrest Mining (ASX:NCM) and Northern Star Resources (ASX:NST), also plummeted, with declines of 1.2% and 1.9% respectively.

Furthermore, Northern Star Resources saw its lowest value since August 23, heading on what could potentially be the third consecutive session of losses.

As per the last trading session, AXGD had reported a gain of 12.9% year-to-date.

Newcrest Mining is one of the largest gold mining firms in the world while Northern Star Resources specializes in regional gold production.