off-the-wire

Azerbaijan’s oil fund earned more than $10B from gold investments, president says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Azerbaijan’s oil fund earned more than $10B from gold investments, president says teaser image

Azerbaijan’s State Oil Fund has earned more than $10 billion from increased investments in gold after the country took a strategic decision last year to boost its gold reserves, President Ilham Aliyev said late on Monday.

Aliyev, interviewed by Azeri television channels, said the decision was taken against the backdrop of geopolitical developments and was based on his expectation that gold prices would rise sharply.

“We clearly saw how geopolitical events were developing, and I was absolutely confident that the price of gold would increase. And it soared,” Aliyev said.

(By Nailia Bagirova; Editing by Ron Popeski)

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