3 MIN · A 3-minute read · Updated 30 October 2026
THE 10-SECOND VERSION
Gold rose 45.9% in francs in 2025 and has swung hard in 2026, and the SNB itself holds 1,040 tonnes of it.
WHAT'S HAPPENING
Gold is priced in dollars worldwide, so a Swiss investor sees two moves at once: the gold price and the dollar against the franc.
2025 was a record year. According to the SNB, gold ended 2025 at CHF 110,919 per kilogram, 45.9% higher than a year earlier. At the end of March 2026 it was CHF 118,400. By the end of September it had eased to CHF 112,118 per kilogram.
The ride in between was bumpy. Daily data from exchange-rates.org show an ounce at around CHF 3,284 on 3 August, a peak near CHF 3,740 in late August, then a slide. Late on the morning of 30 October an ounce cost about CHF 3,264.
The SNB is one of the world's big holders. It owns 1,040 tonnes, unchanged since the end of 2008, about 70% stored in Switzerland, 20% at the Bank of England and 10% at the Bank of Canada. Gold moves its results: in its interim report published today, the SNB booked a valuation gain of CHF 1.2 billion on gold for the first nine months of 2026, inside a total profit of CHF 44.2 billion.
Why do people buy gold? It pays no interest, but it is nobody's liability and tends to be sought in crises. When interest rates are near zero, as in Switzerland, the cost of holding it, the interest you give up, is low. Its price can also fall sharply, as this autumn showed.
One way to read it: gold in CHF fell about 8% between mid-August and the end of October according to Gold PriceX, after its strong run.
THE NUMBER
CHF 112,118
Gold per kilogram at end-September 2026 (SNB). A kilogram is the SNB's unit; most private buyers think in ounces (31.1 grams). At the end-September price, the SNB's 1,040 tonnes were worth roughly CHF 117 billion, on our own calculation from its published price and holdings.
WHAT IT MEANS FOR YOUR FRANCS
Currency matters: gold in dollars and gold in francs can move differently. A weaker dollar can cut CHF returns even when gold rises in USD.
Costs: bars, coins, ETFs and accounts differ in spreads, storage and fees. Small coins carry higher premiums.
Role, not a bet: gold is volatile. This explainer does not say whether to buy or sell.
3 TERMS IN 30 SECONDS
Troy ounce: The standard unit for gold prices, about 31.1 grams.
Spread: The difference between the price a dealer sells at and the price it buys back at. Wider for small coins and bars.
Valuation gain: A paper profit from a higher market price. The SNB books these even though it does not sell its gold.
WHAT TO WATCH NEXT
The SNB's full-year result in early 2027.
Real interest rates in the US and Switzerland.
USD/CHF on the SNB rates page.
THE 3-MINUTE TAKEAWAY
Gold in francs has had two very different years: a historic 2025 and a choppy 2026, with a summer high and an autumn pullback. For the SNB it is a reserve asset it never sells; for private investors it is a volatile store of value with no income. Knowing both the dollar price and the franc rate is essential to read it correctly.
GO DEEPER
More explainers like this: The 3-Minute Franc. Everything you need to know about your francs, 3 minutes each.
General information only, not investment, tax or legal advice, and not a recommendation to buy or sell any financial instrument. Figures come from the sources linked above and are preliminary. Independent; not affiliated with any exchange or authority.
Allgemeine Information, keine Anlageberatung. · Information générale, pas un conseil en placement. · Informazione generale, non consulenza in investimenti.