The Swiss franc rose slightly to near 0.81 per USD, amid a broadly stable greenback and after President Trump said gold imports would not be subject to tariffs. For Switzerland, a major gold refining hub, a tariff on gold would have been an additional setback following heavy 39% tariffs imposed on its products entering the US. The country’s gold refining sector has drawn US scrutiny due to its unexpectedly large economic role, which significantly inflates the apparent trade imbalance. The franc also continues to benefit from its safe-haven status amid ongoing trade and geopolitical uncertainties. On the monetary policy front, expectations of interest rate cuts remain amid subdued price growth and mounting external risks. Annual inflation in Switzerland rose to 0.2% in July, slightly above the 0.1% forecast but still near zero.