The Newcrest Mining Ltd (ASX: NCM) share price is gaining ground over the ASX 200 on Friday.
At the time of writing, shares in Australia's largest gold mining company are up 4% to $17.68.
In comparison, the S&P/ASX 200 Index (ASX: XJO) is in the green by 0.57% to 6.888 points following the continued rally on Wall Street overnight.
Let's take a look at why Newcrest shares are beating the ASX 200 today.
Image source: Getty Images
Newcrest outshines ASX 200
Despite the company keeping quiet on the announcements front today, investors are bidding up the Newcrest share price.
The price of gold is rebounding from its morning losses to fetch US$1,719 per ounce at the time of writing.
Earlier today, the yellow metal dropped to around US$1,704 as the market cooled off from the likely upcoming rate hike.
The US central bank is widely predicted to raise interest rates by 75 basis points at its 20-21 September meeting.
Furthermore, Newcrest shares are being boosted by the S&P/ASX All Ordinaries Gold Index (ASX: XGD).
Currently, the benchmark index for Australian gold companies is the best performer across the ASX, with a 3.6% gain.
The Newcrest share price is now around 6% off its multi-year low of $16.56 recorded on 2 September.
It appears there are bargain hunters also in the mix which is providing another layer of support.
Shares in fellow gold miners Northern Star Resources Ltd (ASX: NST) and Evolution Mining Ltd (ASX: EVN) are currently up 3.48% and 5.05%, respectively.
Newcrest share price summary
Despite edging 4% in the past week, the Newcrest share price has tumbled by 28% in 2022.
Indeed, it is a long way off from reaching its year-to-date high of $28.96 achieved in April this year.
Based on today's price, Newcrest commands a market capitalisation of approximately $8.72 billion.
