The S&P/ASX 200 dropped 1% to around 9,000 in Wednesday morning trade, pulling back from a record close in the previous session, with gold stocks and heavyweight miners leading the market lower. Gold miners led the decline, plunging nearly 10% to its lowest in over three weeks and heading for its steepest fall since April 23. The slump followed a sharp drop in bullion prices as investors locked in profits after gold’s record high earlier in the week. Among major names, Northern Star Resources slid 9.5%, while Evolution Mining sank 10%. Additionally, mining shares dropped 3.6% to a one-week low, reversing Tuesday’s record gains despite steady iron ore prices. Sector giants BHP and Rio Tinto fell about 1.5% each, while Fortescue slipped 0.4% ahead of its quarterly results. Meanwhile, energy firms rose 0.5%, supported by a 2.8% jump in Woodside Energy after the company lifted its FY2025 output outlook, citing solid performance across operations. In contrast, Santos slipped 0.7%.