Azerbaijan's State Oil Fund is reducing its gold holdings for the first time by selling $3 billion worth of gold.

The State Oil Fund of Azerbaijan sold about 22 tons of gold in the first quarter of this year. Prior to this, the price of gold had reached a record high, causing the sovereign wealth fund to reach its allocation limit for gold holdings. According to the fund's quarterly report, these gold holdings are currently valued at over $3 billion, and this is the first time since 2012 that the fund has reduced its gold reserves since it began increasing its gold holdings. In recent years, the State Oil Fund of Azerbaijan has been one of the largest state buyers of gold globally, along with central banks from various countries, becoming a core force driving the price of gold to repeatedly reach historical highs.