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Gold gains push Swiss National Bank to $6.6 bln profit in Q3 - REUTERS

OCTOBER 31, 2024

ZURICH, Oct 31 (Reuters) - The Swiss National Bank (SNB) (SNBN.S) made a profit of 5.67 billion Swiss francs ($6.55 billion) in the third quarter, it said on Thursday, helped by a big rise in the value of gold. The central bank made a profit of 4.41 billion francs from its gold holdings, as concerns about the global political situation raised the value of its 1,040 tonnes of the metal. Bullion, considered a hedge against political and economic uncertainty, has climbed more than 31% this year, hitting multiple record peaks as the U.S. Federal Reserve's interest rate cut last month combined with safe-haven demand to fuel gains.

MARKET NEWS

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