AZE.US
Higher gold prices added approximately $14.4 billion to the assets of Azerbaijan’s State Oil Fund between 2023 and the end of the first quarter of 2026, according to Fitch Ratings.
The fund’s gold holdings contributed a total of $19.4 billion to asset growth during the period, AZE.US reports, citing APA.
Fitch estimated that approximately 74% of the increase, or $14.4 billion, came from higher market prices. An additional $5 billion resulted from an increase in the physical volume of gold held by the fund, commonly known as SOFAZ.
The fund’s investment portfolio reached $73.5 billion at the end of the first quarter. That was equivalent to 93.2% of Azerbaijan’s projected 2026 gross domestic product, according to Fitch.
Gold has become the largest single component of the portfolio, accounting for 36% of total investments.
The rally has strengthened Azerbaijan’s external financial position and helped reduce its reliance on oil-related income. At the same time, the size of the allocation makes the fund’s valuation more sensitive to swings in global gold prices.
SOFAZ sold part of its gold holdings between January and April 2026 as part of a portfolio rebalancing effort.
AZE.US