SNB Suffers Second-Quarter Loss After Price of Gold Fell
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The Swiss National Bank suffered a loss of 18.5 billion francs ($20 billion) in the second quarter as the price of gold tumbled, eroding the nominal value of its holding.
The loss compares with a profit of 8.25 billion francs for the corresponding quarter a year earlier, the Zurich-based institution said in a statement today. For the first half of the year the central bank reported a loss of 7.3 billion francs.