Both gold and bitcoin can help investors create wealth by acting as hedges against price inflation fuelled by central bank money printing, but shouldn’t be mistaken as similar asset classes, New York University finance professor David Yermack says.

On Monday, gold added 1.5 per cent to $US1866 an ounce after Israel declared war on Hamas. However, the climb reversed price falls in nine of the 10 prior trading sessions as surging interest rates on cash proxies including US 10-year government bonds reached a 16-year high of 4.88 per cent in October. Meanwhile, bitcoin fell 4.2 per cent over the past week to $US26,806 on Thursday.