July 23, 2025 – Baku
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has suspended new investments in gold as of the second quarter of 2025, after reaching its strategic allocation limit, the Fund announced.
According to SOFAZ, under its current investment policy, gold holdings are capped at 25% of the total investment portfolio, with a maximum deviation of 4%. By the end of Q2, the Fund’s gold sub-portfolio had reached 181.1 metric tons — hitting the upper strategic threshold.
“As a result, no new gold investment operations have been conducted since that period,” the statement read. However, the Fund noted that the policy could be reviewed in the future depending on market conditions and the broader performance of the investment portfolio.
In the second quarter alone, SOFAZ acquired 15.8 tons of gold. As of July 1, gold accounted for 28.8% of the Fund’s portfolio — up three percentage points from April 1. The increase reflects both additional purchases and a rise in gold prices.
