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Azerbaijan's first sale of gold worth $3 billion
Golden Finance reports that on April 25th, in the first quarter of this year, the Azerbaijan State Oil Fund sold approximately 22 tons of gold. Previously, gold prices hit a record high, pushing the sovereign wealth fund’s gold allocation to its maximum limit. According to the fund’s quarterly report, the gold reserves sold are valued at over $3 billion at current prices, marking the first time the fund has reduced its gold holdings since it began purchasing gold in 2012.