The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has increased its investment in gold, APA-Economics reports citing SOFAZ.
In 2024, gold investments accounted for $12 billion 354.6 million (20.6%) of the Fund's investment portfolio. Over the three months, SOFAZ increased its investments in gold by $1 billion 509.7 million. Thus, in the third quarter of last year, gold investments accounted for $10 billion 844.9 million (17.7%) of the Fund's investment portfolio.
Note that SOFAZ purchased 19.6 tons of gold in the fourth quarter of this year. Thus, while the Fund's gold reserves were 127 tons as of October 2024, this figure increased to 146.6 tons as of January 1 this year. In total, SOFAZ purchased 44.8 tons of gold in 2024.
