Australian gold stocks, symbolised by AXGD, have seen an 8.7% decrease for the month, on track for their worst month since February 28, if these losses persist.

The fundamental cause behind this decline is a fall in bullion prices, which may have their heaviest monthly loss since February due to high-for-longer U.S.

interest rates.

This week, the sub-index declined by 6.1%.

If this trajectory continues, it could be their largest weekly fall since July 21.

Among the corporations affected, gold miners Northern Star Resources (ASX:NST) and Newcrest Mining (ASX:NCM) have seen a monthly fall of 12.3% and 5.7% respectively.

Northern Star Resources’ shares are also on track for their worst month since February 28, if these losses persist.

This week, Newcrest Mining experienced an 8.6% fall, putting it on track for its worst week since July 1, 2022.

Despite the overall market decline, symbol AXGD rose 4.6% this year as of the most recent close, compared to a 0.2% fall in the benchmark index.

Northern Star Resources is a renowned gold mining company that primarily operates in Australia.