Azerbaijan's state oil fund sells nearly 22 tonnes of gold in Q1

Azerbaijan’s State Oil Fund (SOFAZ) sold nearly 21.9 tonnes of gold in Q1 2026, cutting holdings to 178.1 tonnes (from 200 tonnes) and trimming gold exposure to 35.6% from 38.2% in Q4 2025. The sale reflects SOFAZ’s internal cap on gold holdings (35% with a 4% deviation) and contributed to a $25.5 million decline in assets reported for the quarter. Despite the disposals and a March dip in prices, SOFAZ said gold was among its best-performing assets and generated extra-budgetary revenue, leaving the quarter with overall positive results. For markets, the sovereign sale adds supply pressure that could be modestly bearish short term, but continued central bank demand and positive quarterly performance leave the outlook mixed for XAUUSD.