The Northern Star share price has lost 7% so far this week. What’s happening?

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall todayA woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today

The Northern Star Resources Ltd (ASX: NST) share price is yet again heading south today despite no company announcements.

At the time of writing, the gold miner’s shares are backtracking 1.47% to $7.98. This means that its shares have fallen 7% so far this week.

In comparison, shares in Newcrest Mining Ltd (ASX: NCM) have shed almost 6% over the same timeframe.

The Evolution Mining Ltd (ASX: EVN) share price is suffering the biggest fall, down more than 8% this week.

What’s happening with Northern Star?

The price of gold appears to be on the way to its second consecutive weekly loss, which could be causing investors to offload the Northern Star share price.

According to Trading Economics, the price of gold slid towards $1,830 an ounce on Thursday, erasing gains from the previous session.

At the time of writing, the yellow metal is fetching US$1,832 per ounce.

In addition, the S&P/ASX 300 Metals and Mining Industry (ASX: XMM) has tumbled this week by more than 5%. The sector contains the top 300 ASX companies that are involved with gold, steel, and precious metals.

Another factor that could be playing a significant hand against Northern Star shares is further sanctions on Russia.

In particular, gold could be targeted by the European Union which may restrict Russian access to the commodity.

While it’s not exactly clear what the sanctions will involve, they may relate to banning gold imports and/or exports. If so, this could affect the country’s ability to tap into its assets held overseas to pay off its debts.

Northern Star share price review

A rout on the ASX since the start of May has led the Northern Star share price to tumble almost 19% for the period.

When looking at this year to date, its shares are down around 15%. They have also fallen around 23% over the past 12 months.

Northern Star commands a market capitalisation of approximately $9.44 billion.

The post The Northern Star share price has lost 7% so far this week. What’s happening? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has positions in Northern Star Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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