The State Oil Fund of the Azerbaijan Republic (SOFAZ) will continue buying gold in 2025, aiming to increase its assets to 170 tonnes by April-May.
"SOFAZ is targeting to increase the share of gold in its investment portfolio to 25%," - according to SOFAZ Investment Department Director Farhad Zeynalov.
As of December 31, 2024, the total volume of gold in SOFAZ's investment portfolio was 146.6 tonnes, accounting for 20.6% of the portfolio, valued at $12.4 billion. This means the gold volume could increase by 16% by April-May.
In 2024, SOFAZ purchased 44.8 tonnes of gold, with 41 tonnes already delivered to the country. Zeynalov noted that the price of gold rose 27.2%, from $2,063 to $2,624 per troy ounce in 2024.
SOFAZ accumulates government revenues from oil and gas sales, tariffs on oil and gas transportation, leasing government property, and other activities. The fund's assets totaled an estimated $60 billion at the end of 2024.
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Russian President Vladimir Putin announced a temporary ceasefire in Ukraine for Easter, set to last from 6 p.m. Moscow time (1500 GMT) on Saturday until midnight (2100 GMT) following Easter Sunday.
U.S. President Donald Trump announced on Friday his plan to reclassify approximately 50,000 federal workers under a new category, "Schedule Policy/Career," which would make it easier to fire civil servants who do not align with his administration's policy agenda.
The U.S. Supreme Court issued an order early Saturday blocking the deportation of alleged Venezuelan gang members from Texas under the Alien Enemies Act, a wartime law from 1798.
Despite U.S. President Donald Trump’s reluctance to support military action, Israel has not ruled out launching a limited strike on Iran's nuclear facilities in the coming months, according to Israeli and other sources familiar with the matter.
Mount Etna, one of the world's most active volcanoes, erupted once more early on Saturday, with ash and lava spewing from the southeastern crater. The eruption, which began late Friday night, continued through midday, local sources reported.
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