The State Oil Fund of Azerbaijan sold a portion of its gold reserves in the first quarter of 2026. According to Bloomberg, the volume of the sale was approximately 22 tons, with a value exceeding 3 billion dollars at current prices. This is considered the first time the Fund has reduced its gold reserves since it began acquiring gold in 2012.
The editorial office reports that, according to information released by APA citing SOFAZ, the Fund sold 22.1 tons of gold in the first quarter, resulting in its gold reserves falling to 178.1 tons. As of April 1, gold constituted 35.6 percent, or 26.1 billion dollars, of SOFAZ's investment portfolio.
SOFAZ explained the reason for the sale as portfolio rebalancing amidst a sharp increase in gold prices. The Fund stated that in the first quarter of 2026, the share of the gold sub-portfolio exceeded the target level defined in its investment policy, taking into account the permissible deviation range. For this reason, appropriate operations were carried out to bring the share of gold back to the target level.
Bloomberg writes that the appreciation of gold had pushed the share of SOFAZ's gold assets to approximately 38 percent of total assets by the end of 2025. According to the Fund's investment policy, gold can hold a maximum share of 35 percent in the portfolio, with an additional upward deviation limit of 4 percent.
Even after the sale, gold remains one of the main assets in the SOFAZ portfolio. According to official data, the Fund's total assets were approximately 73.5 billion dollars at the end of the first quarter of 2026.