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.
The UN has welcomed a U.S.-brokered peace deal between the Democratic Republic of the Congo and Rwanda, calling it a major step toward regional stability.
U.S. President Donald Trump has strongly denied reports suggesting his administration considered offering Iran $30 billion for a civilian nuclear program, calling the claims a “hoax.”
Start your day informed with AnewZ Morning Brief: here are the top news stories for 28th June, covering the latest developments you need to know.
A Russian drone strike on a residential high-rise in Odesa killed two people and injured at least 14, including three children.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
The U.S. Embassy in Qatar has advised American citizens to shelter in place amid rising tensions between Israel and Iran, as part of a broader global security alert issued by Washington.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
In a televised address on Saturday night, U.S. President Donald J. Trump announced that American forces, in coordination with Israel, had conducted precision strikes on Iran’s Fordow, Natanz, and Isfahan nuclear sites, aiming to dismantle Tehran’s enrichment capabilities.
The US stock market closed at record highs Friday, with both the S&P 500 and Nasdaq rebounding from late-session losses triggered by trade tensions with Canada.
The European Commission has warned Meta that it may face daily fines starting 27 June if its modified pay-or-consent advertising model fails to meet EU antitrust requirements under the Digital Markets Act.
Nike plans to reduce its reliance on China for U.S.-bound products to offset the financial blow from President Donald Trump’s new tariffs, as the sportswear giant posted better-than-expected fourth-quarter results and a milder revenue forecast.
Nike is stepping back from China-based production for its U.S. market to dodge tariff-related costs, aiming to shift its sourcing strategy by 2026.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
The UN has welcomed a U.S.-brokered peace deal between the Democratic Republic of the Congo and Rwanda, calling it a major step toward regional stability.
U.S. President Donald Trump has strongly denied reports suggesting his administration considered offering Iran $30 billion for a civilian nuclear program, calling the claims a “hoax.”
Start your day informed with AnewZ Morning Brief: here are the top news stories for 28th June, covering the latest developments you need to know.
A Russian drone strike on a residential high-rise in Odesa killed two people and injured at least 14, including three children.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment