Azerbaijan’s gold reserves to be delivered to Baku before the end of the year
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan actively purchasing physical gold will deliver its whole gold reserve to Baku before the end of the year.
According to Shahmar Movsumov, SOFAZ Executive Director, over recent 2 years the Fund has purchased 30 tons of gold.
“20 tons of purchased gold is already in the country and the rest 10 tons will be delivered to the country before the end of the year. We purchased the last batch of gold at the price of $1,200 for ounce. Now one ounce of gold is already $1,350-1,360 and the price is still growing. However, the price is not so important for us, as our goal is to create gold reserves”, - Movsumov said.
In accordance with the set rules, the Fund can invest up to 5% of its assets into physical gold.
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