Baku: Azerbaijan’s gold reserves have surpassed 165 tons as the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has significantly increased its investments in gold.

According to Azeri-Press News Agency, SOFAZ’s investments in gold reached USD 16.1344 billion, accounting for 25.8% of the Fund’s investment portfolio in the first quarter of 2025. This marks an increase of USD 3.7798 billion in gold investments over the three-month period. At the end of the previous year, gold constituted USD 12.3546 billion, making up 20.6% of the investment portfolio.

SOFAZ purchased 18.7 tons of gold in the first quarter of this year, boosting the Fund’s gold reserves from 146.6 tons at the end of 2024 to 165.3 tons by April 1, 2025. Since the beginning of 2024, the Fund has acquired a total of 63.5 tons of gold.