Zurich
The Swiss National Bank (SNB) reported a profit of CHF 12.6 billion ($15.7 billion) for the first nine months of 2025, a stark turnaround from last year’s losses, largely fueled by a record CHF 22.9 billion valuation gain on its unchanged gold holdings. Gold prices surged to CHF 98,024 per kilogram by end-September, up over 29% from year-end 2024 and more than 50% year-to-date amid global uncertainties.
Offsetting this were a CHF 9.0 billion loss on foreign currency positions—hit by CHF 46.3 billion exchange rate losses despite equity gains—and a minor CHF 0.9 billion Swiss franc loss. The windfall bolsters SNB’s balance sheet, potentially aiding future dividend payouts to cantons and the federal government.
Analysts hail the ‘golden glow’ as a buffer against volatility, with gold’s safe-haven status shining brighter in turbulent times.