The Newcrest Mining Ltd (ASX: NCM) share price has shone 35% brighter since its September low.
After lunchtime on Thursday, the gold miner is trading for $21.35 per share, up 2.64% for the day.
Back in September, Newcrest shares fell to a 52-week low of $15.72.
Let's canvas what's been happening over the past few months to push the Newcrest share price higher.
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Gold price up 10% since late September
In September when Newcrest shares were trading at a low, the gold price was about US$1,620 per troy ounce (t.oz). Today, it's US$1,784 t.oz. That's a 10% gain.
The price of gold has gone up for a few reasons.
Firstly, gold is benefitting from a weakening United States dollar because it is priced in US dollars.
The currency is weakening because there is the prospect of smaller incremental interest rate rises from here.
This is also a supportive factor for gold because the higher interest rates go, the less appealing gold bullion becomes to investors because it's a non-yielding asset.
Shaw and Partners senior investment advisor Jed Richards explains:
Newcrest has rallied from its lows recently on the latest US inflation figures, which were lower than expected, leading to a weaker US dollar.
In addition, a report from the World Gold Council shows strong buying activity among central banks.
As my colleague Bernd reports, central banks loaded up on gold bullion at the fastest pace ever during the third quarter of 2022. They bought $20 billion worth and this demand bumped up the gold price.
Other gold mining shares have also risen as a result. The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 42% since late September.
Northern Star Resources Ltd (ASX: NST) shares are up 57%. The Evolution Mining Ltd (ASX: EVN) share price has risen 57%.
It's worth noting that gold is still trading well below its 2022 high of about US$2,050 t.oz back in March.
What else has pushed Newcrest shares higher?
The company held its annual general meeting (AGM) in November. Newcrest management spoke positively about its handling of inflationary pressures.
Newcrest told shareholders it expects to contain cost growth at 6% to 8% in FY23. This is because they've implemented a series of inflation-offsetting measures. These include long-term and fixed-price contracts for maintenance, fuel, energy, and logistic costs.
ASX investors were impressed by this inflation-busting success and the Newcrest share price rose by 1.8%.
In late October, Newcrest also released a strong 1Q FY23 update and reaffirmed its FY23 production guidance.
Newcrest share price snapshot
The Newcrest share price is down 13% in the year to date. But it's currently on a roll, up 17% in the past month alone.
As my Fool colleague Tony reports, 10 of the 17 analysts surveyed on CMC Markets say Newcrest is a strong buy. This is despite the recently improved share price.
The seven others rate it as a hold. No one says sell.
