Finance
Gold price surge boosts Swiss National Bank's profit
Published by Global Banking & Finance Review®
Posted on January 9, 2026
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 9, 2026
2 min readLast updated: January 20, 2026
The Swiss National Bank's profit rose to 26 billion francs in 2025, driven by a gold price surge, despite facing foreign currency losses due to a stronger Swiss franc.
By John Revill
ZURICH, Jan 9 (Reuters) - The Swiss National Bank made a profit of around 26 billion Swiss francs ($33 billion) in 2025, the central bank said on Friday, thanks to a sharp increase in gold prices as investors headed for safe-haven assets last year.
The provisional figure was down from the record 80.7-billion-franc profit in 2024, but still ranked among the top five in the SNB's 119-year history.
The 2025 result was driven by a 36.3-billion-franc valuation gain on its gold holdings, as investors piled into the precious metal to shield against global economic turmoil triggered by U.S. President Donald Trump's tariffs.
The SNB's gold profit was its biggest ever, helped by a 64% rise in the metal's price last year, lifting the value of its 1,040 metric tons of reserves.
FIRMER FRANC LEADS TO FOREIGN CURRENCY LOSSES
The central bank's profits were capped by a 9-billion-franc loss on foreign currency positions as the franc's strength erased valuation gains on equities and dividends.
The SNB, which holds 37% of its 764 billion francs in foreign currency investments in U.S. dollar assets, was hit by the dollar's 13% slide against the franc in 2025, analysts said.
"The flight to safety had a mixed effect for the SNB in 2025," said UBS economist Alessandro Bee.
"On one hand it was helped by a big increase in the price of gold, but on the other hand the Swiss franc – another safe haven - gained in value which turned the gains on foreign equity markets into losses when converted back into francs."
Bee estimated that foreign exchange moves ultimately cost the SNB around 55 billion francs last year.
The bank also booked a 900-million-franc loss on its Swiss franc positions, mainly due to interest payments to commercial banks with sight deposits.
The overall profit was in line with UBS' forecast of 23.5 billion to 28.5 billion francs.
($1 = 0.7996 Swiss francs)
(Reporting by John Revill. Editing by Miranda Murray and Mark Potter)
The Swiss National Bank (SNB) is the central bank of Switzerland, responsible for the country's monetary policy and issuing Swiss francs.
A valuation gain refers to an increase in the value of an asset, such as gold, which can positively impact a company's financial performance.
Economic turmoil refers to periods of significant instability in financial markets, often characterized by high volatility, uncertainty, and declining economic performance.
Gold prices can significantly influence investment strategies, as rising gold prices often lead investors to seek safety in gold during economic uncertainty.
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