Azerbaijan’s State Oil Fund reduces gold holdings for the first time, selling 3 billion USD worth of gold

Previously, the gold price surged to record highs, causing the sovereign wealth fund’s gold holdings to reach its allocation cap. According to the fund’s quarterly report, this batch of gold is valued at more than $3 billion at current prices, marking the first time the fund has reduced its gold reserves since it began increasing its holdings in 2012. In recent years, the State Oil Fund of Azerbaijan has been one of the world’s largest state gold purchasers, joining central banks from various countries as a driving force behind gold prices repeatedly reaching historic highs.