The Newcrest Mining Ltd (ASX: NCM) share price is in the green on Monday despite no news having been released by the company.
Additionally, the price of gold has been slipping, creating more mystery around Newcrest’s gains.
At the time of writing, the Newcrest share price is $27.20, 1% higher than its previous close.
However, earlier today, it was trading for as much as $27.43 – representing a 1.85% rise.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 0.27% on Monday.
Let’s look at what’s going on with the market and the gold miner’s shares today.
What’s driving the Newcrest share price on Monday?
The Newcrest share price is outperforming the broader market on Monday despite the price of gold slipping.
As The Motley Fool’s James Mickleboro reported this morning, the golden metal’s spot price slipped 1.6% on Friday.
Its slip was driven by United States jobs data, which found the country’s employment rose by 431,000 in March while its unemployment rate dropped to 3.6%.
Right now, June gold futures are trading at US$1,923.80 an ounce, according to data from CNBC.
Still, the Newcrest share price isn’t alone in being in the green on Monday. It’s joined by fellow ASX 200 gold miner Northern Star Resources Ltd (ASX: NST).
Right now, the Northern Star share price is 1.48% higher than it was at Friday’s close.
Additionally, both the S&P/ASX 200 Materials Index (ASX: XMJ) and the S&P/ASX 200 Resources Index (ASX: XJR) are outperforming today. They’re currently up 0.87% and 0.88%, respectively.
The last time the market heard from Newcrest was back in early March. Then, the company announced the completion of its acquisition of Pretium Resources Inc.
Today’s gains included, the Newcrest share price is 10% higher than it was at the start of 2022. It has also gained 6% since this time last year.
The post Why is the Newcrest (ASX:NCM) share price having such a strong start to the week? appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Monday
- 5 things to watch on the ASX 200 on Friday
- The Newcrest (ASX:NCM) dividend is hitting bank accounts today. Here’s the lowdown
- 5 things to watch on the ASX 200 on Monday
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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