On Tuesday, Newmont, the leading U.S. gold miner (NYSE:NEM), found itself among the day’s major losers on the S&P 500, suffering a significant 4.3% decline. This slide came as a result of a substantial drop in gold prices, the most significant in a two-week period, spurred by a strengthening dollar and rising U.S. Treasury yields.

By the close of Tuesday’s trading, front-month Comex gold (XAUUSD:CUR) for January delivery witnessed a 1% decrease, settling at $2,026.00/oz. Similarly, front-month January silver (XAGUSD:CUR) also saw a 1% reduction, dropping to $22.933/oz. This marked the fifth loss in six trading sessions for both metals.

Notable movers in the market included First Majestic Silver (AG) down 10%, Barrick Gold (GOLD) down 9.5%, Endeavour Silver (EXK) down 7.4%, AngloGold Ashanti (AU) down 5.6%, Coeur Mining (CDE) down 5.5%, Pan American Silver (AG) down 5.2%, Agnico Eagle Mines (AEM) down 4.5%, Hecla Mining (HL) down 4.5%, Kinross Gold (KGC) down 4.4%, Gold Fields (GFI) down 4.2%, and Iamgold (IAG) down 4.2%.

The dollar index experienced an increase of nearly 1% to reach a more than one-month high, while yields on benchmark 10-year U.S. Treasurys rose by 12 bps to 4.07%.

Christopher Waller, a Federal Reserve Governor, articulated the central bank’s stance, advising against a hasty reduction in the benchmark interest rate unless sustained lower inflation becomes evident. This stance resonated with remarks from European Central Bank officials who also noted that it was premature to deliberate interest rate cuts given the current high level of inflation.