Gold price surge boosts Swiss National Bank’s profit

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 US 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.

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 US 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)

(By John Revill; Editing by Miranda Murray and Mark Potter)