The Chalice Mining Ltd (ASX: CHN) share price has tumbled in the past four months.
Since the start of May, the gold miner's shares have crashed 40%, making it one of the worst performers across the sector.
In retrospect, Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have declined by 35% and 20%, respectively across the same time period.
At the time of writing, Chalice Mining shares are clawing back some of its losses, up 2.41% to $4.035.
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What's happened to the Chalice Mining share price?
Downward pressure on gold prices has driven investors to flee the precious metal causing a sell-off for Chalice Mining shares.
Gold has been in the spotlight in recent times as central banks around the world lift interest rates to combat inflation.
The metal broke under the US$1,700 barrier for the first time in many months to currently trade at US$1,675 per ounce. This means gold has fallen 10% since the start of May.
On the other hand, bond yields have risen across the board, with the US two-year treasury rate at 3.94% – the highest since July 2007.
In early September, Chalice Mining released its presentation highlighting the significant exploration upside for the Julimar Ni-Cu-PGE Project in Western Australia.
Management noted that the Julimar discovery has kick-started the new West Yilgarn Ni-Cu-PGE Province, which could deliver more major discoveries.
However, investors were unfazed by the presentation, sending the Chalice Mining share price 13.04% lower to $3.75.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) retreated 1.77% on the same day (7 September).
Chalice Mining share price summary
Over the last 12 months, Chalice Mining shares have dropped 40%, with year-to-date down 60%.
The company's share price reached a 52-week low of $3.37 in late June before moving in a sideway channel.
Chalice Mining commands a market capitalisation of roughly $1.52 billion.
