The Northern Star Resources Ltd (ASX: NST) share price is having a poor start to 2022, plunging lower on its first day back.
The dip follows on from a 2% gain on New Year's Eve and follows the price of gold's recent slip.
At the time of writing, the Northern Star share price is $9.32, 0.9% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently recording a 1.54% gain while the All Ordinaries Index (ASX: XAO) is up 1.49%.
Let's take a closer look at what might be going on with Northern Star and its peers today.
What's weighing on the Northern Star share price?
The spot price of gold is gaining on Tuesday. According to data from CNBC, it is currently trading at US$1,803.20 an ounce – a 0.1% gain.
However, it tumbled yesterday to close at US$1,800.10 per ounce, 1.44% lower than it was at the end of 2021.
Overnight, Reuters reported gold's dip is likely due to rising bond yields and equities. Thus, the metal's attractive position as a haven from volatility may have lost its shine.
Of course, today is the first day the ASX is trading since New Year's Eve. Therefore, the yellow metal's spot price might be dragging on the Northern Star Resources share price.
Fortunately (or, unfortunately), the gold miner isn't alone in the red.
The ASX 200 is being weighed down by the metal's producers on Tuesday. St Barbara Ltd (ASX: SBM) is the index's second worst performer, while Ramelius Resources Limited's (ASX: RMS) is only just behind it.
They've seen their share prices tumble 3.2% and 2.5% respectively.
Meanwhile, the S&P/ASX All Ordinaries Gold (ASX: XGD) index has slipped 0.43%.
Today's dip sees the Northern Star share price trading 29% lower than it was this time last year.
