ZURICH, Oct 31 (Reuters) - The Swiss National Bank (SNBN.S) , opens new tab posted a profit of 5.67 billion Swiss francs ($6.55 billion) during the third quarter, it said on Thursday, helped by a big rise in the value of gold.

The SNB 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.

Bullion, considered a hedge against political and economic uncertainty, has climbed more than 31% this year, shattering multiple record peaks as the U.S. Federal Reserve's interest rate cut last month combined with safe-haven demand set up a perfect storm for the precious metal.

Uncertainties about the upcoming U.S. presidential election and rising debt in the United States have driven gold demand this year.

The SNB also made a big profit from the more than 700 billion francs it holds in foreign currency holdings.

During the third quarter the SNB posted a profit of 3.08 billion francs from its foreign currency holdings, helped by buoyant stock markets that increased the value of its shares in companies like Apple (AAPL.O) , opens new tab and AI chip maker Nvidia (NVDA.O) , opens new tab.

The third-quarter profit contrasted with a 12 billion Swiss franc loss a year earlier. As a result, the SNB's nine-month profit rose to 62.5 billion francs, up from 1.69 billion francs in the first nine months of 2023.

($1 = 0.8652 Swiss francs)

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https://www.reuters.com/business/finance/swiss-national-bank-posts-profit-655-bln-third-quarter-2024-10-31/