Gold price hits new all-time high amid cryptocurrencies climb

Bitcoin, Ethereum and other cryptocurrencies have seen a significant rise in the past week, but unlike gold, none of the major cryptocurrencies have reached an all-time record.

Gold futures closed at $ 1897.50 an ounce on Friday, up 0.4%, according to Dow Jones. This is the new record in the history of gold, surpassing the previous maximum value of US $ 1,891.90 established in August 2011.

Mike Novogratz, CEO of Galaxy Digital, told CNBC earlier this month that he believes gold is the safest short-term investment, even if Bitcoin may ultimately provide larger long-term returns.