The Newcrest Mining Ltd (ASX: NCM) share price soared by 3.72% on Thursday to close at $27.90.
Earlier in the day, the Newcrest share price hit a two-month high of $28.19 per share, up 4.79%.
No doubt, the gold miner was lifted alongside many other ASX 200 shares by news of lower-than-expected inflation numbers in the United States.
US headline inflation fell to 3% — the lowest level in two years — stoking hopes that the US Federal Reserve will cease raising interest rates.
The Dow Jones Industrial Average (DJX: .DJI) gained 0.25% on the news. The S&P 500 Index (SP: .INX) also lifted 0.74%.
And as we all know, what happens in the US markets tends to follow in Australia.
That's why the S&P/ASX 200 Index (ASX: XJO) closed the session up 1.56% — or 111.2 points — to 7,246.9 points.
But there's another factor at play in the Newcrest share price's two-month high today.
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Newcrest share price surges on gold price rise
As with all ASX shares tied to commodities, when the value of the product rises, so does the stock.
The gold price is trading at about US$1,960 per ounce on Thursday afternoon. That's an 0.18% rise for the day and an 0.9% bump over the past month.
This is the highest gold price we've seen in more than three weeks.
Once again, US inflation data is the catalyst behind the yellow metal's surge today.
The gold price has been climbing since late 2022 and hit a recent peak of US$2,016 per ounce in May.
This is not far off the historical record high of US$2,034 reached in August 2020.
The Newcrest share price is up 34% in the year to date.
