Azerbaijan's oil fund joins world's top 5 gold buyers in 2024

Azerbaijan's State Oil Fund (SOFAZ) has secured a spot among the world's top five gold buyers by the end of the third quarter of 2024, Report informs, citing the World Gold Council (WGC).

The report reveals that Poland topped the list with over 60 tons of gold purchases, followed closely by Türkiye with around 60 tons. India secured the third position with more than 50 tons, while China and SOFAZ bought over 30 tons each, placing them in the fourth and fifth positions, respectively.

As of October 1, 2024, SOFAZ's gold reserves stood at an impressive 127 tons, marking a 17.7% increase compared to the previous year.