Azerbaijan Sold Gold Worth $3 Billion in First Ever Drawdown

Azerbaijan’s State Oil Fund sold about 22 tons of gold in the first quarter of the year, after a record-breaking rally pushed the sovereign wealth fund’s allocation of the metal to its maximum threshold.

The sales — worth more than $3 billion at current prices — mark the first time the fund has sold down its gold reserves since it started buying in 2012, according to its quarterly releases. In recent years, the fund known as Sofaz has been one of the biggest state-owned gold buyers, alongside central banks that have played a key role in driving gold prices to record highs.