The central bank’s portfolio benefited from a 13% rise in the MSCI World Index between April and June, as investor enthusiasm for artificial intelligence and easing geopolitical tensions in the Middle East fueled rallies across U.S. and European markets. These foreign currency positions generated 39.9 billion francs, covering dividends, interest, and capital gains from the bank’s extensive equity holdings.

Conversely, the bank’s gold reserves faced headwinds. The SNB reported a 14.1 billion franc loss on its 1,040 tonnes of gold, as the precious metal’s value slipped 14% during the period. UBS economist Florian Germanier noted that while the gold rally has cooled due to higher U.S. interest rates and a stronger dollar, the robust performance of equity markets proved more than sufficient to stabilize the balance sheet.