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The Evolution Mining Ltd share price has sunk lower again today

The Evolution Mining Ltd (ASX: EVN) share price has sunk lower in morning trade and is down 2.5% to $2.40 at the time of writing.

A number of other gold mining shares such as OceanaGold Corporation (ASX: OGC) and Independence Group NL (ASX: IGO) are also trading lower today.

This has dragged the S&P/ASX All Ords Gold (Index: ^AXJO) (ASX: XJO) down for a second day in a row. The index is down 0.5% today.

Today’s decline is likely to relate to a drop in the gold price following the U.S. Federal Reserve’s decision to lift interest rates in the United States to between 1% and 1.25%.

Currently the spot gold price is fetching US$1,153 an ounce, down approximately 3% from last week’s high.

According to CME Group, there is a 38.5% probability that the Fed will raise rates to between 1.25% and 1.5% by the end of the year.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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