The Northern Star Resources Ltd (ASX: NST) share price is tumbling during Monday afternoon trade.
At the time of writing, the gold miner's shares are swapping hands at $8.59, down 2.28%.
Other fellow gold miners have also fallen, with Newcrest Mining Ltd (ASX: NCM) shares fetching at $24.43, down 0.85%, and Evolution Mining Ltd (ASX: EVN) shares trading at $3.715 apiece, down 1.72%.
What's driving Northern Star shares lower?
While the price of gold has stabilised for now, investors are continuing to offload Northern Star shares.
This comes after a broader selloff across the S&P/ASX 200 Index (ASX: XJO) today.
In particular, the S&P/ASX 300 Metals and Mining Industry (ASX: XMM) is shedding 0.64% to 6,139.8 points. The sector contains the top 300 ASX companies that are involved with gold, steel and precious metals.
A volatile week across global markets has failed to spark up the value of the precious yellow metal. During times of uncertainty and wild price swings, gold is traditionally seen as a safe haven for investors.
The Russian war in Ukraine, elevated borrowing costs, ongoing supply disruptions and high commodity prices are a few factors.
However, the latest United States jobs report startled markets as more than 390,000 jobs were added to the economy. The robust figures raised worries that there could be a further squeeze on monetary policy by the Federal Reserve.
While additional rate hikes could be on the cards for the second half of 2022, this would drive investors away from gold.
Furthermore, investors are waiting for the release of the May consumer price index report later this week. This provides a clear indicator of whether inflation has peaked in the United States.
The spot price of gold is currently trading under US$1,860 per ounce.
About the Northern Star share price
Over the last 12 months, the Northern Star share price is down by around 21%, with year-to-date 8% lower.
On valuation grounds, Northern Star commands a market capitalisation of approximately $10.24 billion.
