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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