Gold breaches $1,625, US downgrade ‘almost certain’

Gold bullion prices set a new intraday record of $1,625 per ounce in Wednesday’s Asian trade – 1.5% up on Friday’s close – before easing back slightly after London opened.

Stocks and commodities fell but US Treasury bonds were up, as the US Congress had to postpone a vote on the $14.2 trillion debt ceiling.

Image of Johh Boehner, Speaker of the United States House of Representatives