Baku: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has significantly increased its investment in gold during 2024. The investment amounted to $12 billion 354.6 million, representing 20.6% of SOFAZ’s total investment portfolio.

According to Azeri-Press News Agency, SOFAZ’s investment in gold rose by $1 billion 509.7 million over a period of three months. In comparison, during the third quarter of the previous year, gold investments made up $10 billion 844.9 million, accounting for 17.7% of the Fund’s portfolio.

SOFAZ acquired 19.6 tons of gold in the fourth quarter of this year. As a result, the Fund’s gold reserves increased from 127 tons as of October 2024 to 146.6 tons by January 1 of the following year. In total, SOFAZ purchased 44.8 tons of gold throughout 2024.