Gold pulls Swiss central bank into the red

Basel - The Swiss central bank made a net loss of 9 billion Swiss francs (9.9 billion dollars) in the past year because its gold reserves dropped sharply in value along with the price of gold, it said Monday.

The Zurich-based Swiss National Bank had to shave 15 billion francs off the value of its gold while profits from foreign currencies and the sale of a banking bailout fund amounted to 6 billion francs.

Gold bars and granules. File photo: Reuters. Credit: REUTERS

No profits, therefore, would be distributed this year to the Swiss state and its cantons and shareholders would not get dividends, the bank said.

The gold price dropped by a quarter to about 1,200 dollars per ounce between January and December. - Sapa-dpa