Zijin Mining (02899.HK) saw its stock plummet 5.11% during Wednesday's trading session, aligning with a broader decline in gold-related stocks as the precious metal retreated from its recent record high.

The sharp decline in Zijin Mining's share price comes as gold experienced a significant pullback after briefly touching $3,500 an ounce. Gold prices fell as much as 1.9% in early Asian trading on Wednesday, following a 1.3% drop in the previous session. This retreat was attributed to profit-taking by investors and improved risk appetite in the broader market, with equities bouncing back while bonds and the dollar stabilized.

The gold sector's weakness was widespread in Hong Kong, with several gold stocks experiencing substantial losses. While Zijin Mining was not specifically mentioned in the report, its performance aligns with the broader trend observed in the sector. Other notable declines included Wanguo Gold falling 9%, SD Gold dropping 8%, and Tongguan Gold and Chifeng Gold both declining 6%. This sector-wide downturn underscores the close correlation between gold mining stocks and the underlying commodity price, highlighting the sensitivity of companies like Zijin Mining to fluctuations in the gold market.