Harmony Gold Mining shares fell nearly 12% over the past week. The downturn followed a sharp decline in gold prices, the company's primary commodity.
Bank of America Global Research triggered the shift in investor sentiment. Analysts now project the Federal Reserve will raise interest rates three times in 2026 to curb inflation. This forecast reverses the bank's previous expectation of no rate hikes for that period.
Prospects of higher interest rates make non-interest-bearing assets like gold less attractive to investors. This outlook prompted a sell-off in both the metal and related mining stocks. A slight recovery in gold prices late in the week was insufficient to reverse the stock's losses.