Azerbaijan’s sovereign oil fund SOFAZ ‍increased ‍the share of gold ​in its investment portfolio to 38.2% in ⁠2025, up from 20.6% at ⁠the end of ‌2024, it said in a report published on ⁠Tuesday.

SOFAZ purchased 53.4 tonnes of gold in 2025, raising its total gold holdings to ⁠200 tonnes, the ​report said.

The fund’s total assets rose to $73.5 ‍billion from $60 billion a year earlier.

SOFAZ ​was established in 1999 to manage Azerbaijan’s hydrocarbon revenues and support long-term macroeconomic stability.

The sovereign wealth fund accumulates income from oil and gas exports, bonus payments and transit fees. It channels its resources into ⁠strategic state projects ‌and budget support.

The fund has been steadily diversifying ‌its investment portfolio ⁠in recent years.

(Reporting by Nailia ⁠Bagirova; Editing by Andrew Osborn)