The Newcrest Mining Ltd (ASX: NCM) share price is taking a beating today.
At the time of writing, shares in Australia's largest gold mining company are down 2.4% to a near multi-year low of $16.69.
In comparison, the S&P/ASX 200 Index (ASX: XJO) is in the red by 0.99% following the continued market rout on Wall Street overnight.
Why is Newcrest losing its shine today?
Investors are driving down the Newcrest share price following a slump in gold prices overnight.
The precious metal broke under the US$1,700 barrier for the first time in two months to currently trade at US$1,660 per ounce.
Bond yields rose across the board, with the US two-year treasury rate lifting by 8 basis points to 3.87%. This is the highest it has been since 2007.
The US 10-year treasury is at 3.45%.
A mixed batch of economic data came through on Thursday night, which included soft retail sales despite fewer jobless claims.
The US Federal Reserve looks more than likely to lift interest rates to as much as 100 basis points at its meeting next week.
Evidently, this has sparked a sell-off across the yellow metal as investors switch to safer asset classes.
The central bank's chair, Jereme Powell, has previously said that he is determined to cool inflation despite bringing pain to consumers.
Earlier this week, the release of the consumer price index report for August showed inflation rose by 0.1% on a monthly basis.
This means inflation is up 8.3% annually.
Also heading south today is the S&P/ASX All Ordinaries Gold Index (ASX: XGD), which is down 3.9%.
Newcrest share price summary
The Newcrest share price has fallen 32% in 2022.
With Newcrest shares losing ground today, it is around 1% of its multi-year low of $16.56 earlier this month.
Based on today's price, Newcrest commands a market capitalisation of approximately $15.27 billion.
