The Newcrest Mining Ltd (ASX: NCM) share price is shrugging off the latest sell-off on the ASX this morning.
At the time of writing, shares in Australia's largest gold mining company are climbing 2.57% to $24.52.
In comparison, the S&P/ASX 200 Index (ASX: XJO) is yet again deep in the red by 2.32% to 6,438.4 points. This means the benchmark index has now lost more than 8% in the past week.
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What's going on with Newcrest?
Despite the company not providing any new announcements to the market today, investors are bidding up the Newcrest share price.
The price of gold has rebounded for a second consecutive session overnight to fetch close to US$1,850 per ounce.
After hitting a one-month low of US$1,805 on Tuesday, the yellow metal has seen an uptick following Wall Street's slump.
Furthermore, momentum is shifting to safe-haven assets such as gold after the Federal Reserve handed down a 0.75% rate hike this week in an attempt to combat inflation.
For context, this is the largest interest rate rise by the United States central bank since 1994.
Also likely helping the Newcrest share price is the latest reports from UBS and Macquarie.
Both brokers are viewing the gold sector as a favourable choice amid the extreme volatility on the ASX.
According to The Australian, UBS upgraded Newcrest peer Evolution Mining Ltd (ASX: EVN) to a "buy" rating.
This appears to be having a positive effect on the other gold miners as recession fears mount again.
Newcrest share price summary
Regardless of edging higher today, the Newcrest share price remains relatively flat in 2022.
Although, when looking at the past 12 months, its shares have fallen by around 9%.
Newcrest commands a market capitalisation of approximately $21.35 billion.
