The De Grey Mining Limited (ASX: DEG) share price has been heading south over the course of the past month.
Lately, the depreciation in the price of gold has weakened investor sentiment, causing a sell in the gold miner's shares.
Since this time last month, De Grey shares have lost around 14% in value, making it one of the worst performers across the sector.
In retrospect, fellow miner, Regis Resources Ltd (ASX: RRL)'s share price has fallen by 3% across the same timeframe.
At the time of writing, De Grey shares are swapping hands for $1.17, down 3.31%.
What's happened to De Grey shares lately?
A common theme with gold mining companies, the De Grey share price has been sold off following the decline in gold prices.
Traditionally, investors flock to the yellow metal as a safe-haven asset when there is uncertainty in the market.
However, with the world slowly moving past COVID-19, and the Russian/Ukrainian war in its second month, it appears investors have regained confidence in the market.
The S&P/ASX 200 Index (ASX: XJO) is up 4.7% in a month, rebounding from its March low of 6,968 points.
This has sent the price of gold to trade around US$1,922 per ounce, down almost 4% since 7 March.
In contrast, when the war was still relatively new, the precious metal soared above the psychological US$2,000 barrier.
As such, De Grey shares were trading at $1.365 at that time.
De Grey share price snapshot
Over the past 12 months, the De Grey share price has repaid relatively flat returns to investors, up 2%.
However, when looking at year to date, its shares have travelled in circles, with a loss of 3% for the period.
On valuation grounds, De Grey commands a market capitalisation of about $1.66 billion, with over 1.4 billion shares on hand.
