Azerbaijan Sells $3 Billion Worth of Gold for the First Time

On April 25, in the first quarter of this year, the Azerbaijan State Oil Fund sold approximately 22 tons of gold. This sale was prompted by record-high gold prices, which pushed the sovereign wealth fund's gold allocation to its maximum limit. According to the fund's quarterly report, the sold gold reserves are valued at over $3 billion at current prices, marking the first reduction in gold reserves since the fund began purchasing gold in 2012.