Gold jumped higher by 3.6% to settle at $1,218.10 per ounce on Monday.
The precious metal began to rebound following this morning's decline after Swiss voters rejected a proposed referendum that would require the Swiss National Bank to increase its gold reserves.
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Gold jumped after Moody's cut Japan's Sovereign rating, which sent the Japanese yen to a seven year low against the euro, Reuters reports.
"The market had been focusing on the Swiss referendum, and the reaction to that was overdone on the downside. The Japanese rate cut caught a raw nerve," the head of precious metals at the Bank of Nova Scotia said to Reuters.
Separately, TheStreet Ratings team rates ELDORADO GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ELDORADO GOLD CORP (EGO) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow."