Gold is exploding higher.

In afternoon trade on Monday, gold futures were up better than 3.5% in the last 24 hours to around $US1,215 an ounce, moving back above $US1,200 for the first time in more than a week.

The spike in gold reverses a plunge in gold late last week that was continued on Sunday night as the futures market reopened after voters in Switzerland rejected a measure that would have required the Swiss National Bank to increase its gold holdings from 8% to 20%.

Oil, which also got crushed last week, is also rallying on Monday.

And while both commodities have seen huge breakdowns of late, nothing goes down in a straight line.

Here’s the huge gold rally on Monday.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.