BAKU, Azerbaijan, July 23. The State Oil Fund of Azerbaijan (SOFAZ) has suspended selling gold in the second quarter of 2026.

This is reflected in the report released by SOFAZ.

The fund's gold reserves amounted to 178.1 tons.

As of July 1 of this year, the share of gold in SOFAZ's investment portfolio was 31.4%.

"As a result of the U.S.-Iran conflict that began in the first quarter of 2026, high volatility was observed in global financial and energy markets, and the war had a negative impact on all investment directions.

During the second quarter, prices for various financial instruments recovered, achieving positive returns, while gold made a negative contribution to total assets under management.

The price of gold increased sharply at the beginning of the first quarter, driven by structural factors such as the weakening of the U.S. dollar and investors' shift from government bonds and currencies to real assets. However, prices declined sharply at the end of the first quarter, and this decline continued in the second quarter against the backdrop of rising real interest rates," the report noted.