A likely US credit rating downgrade will spur a fresh wave of investment in gold this year, helping the metal return to record prices, according to a leading precious metals consultancy.

Thomson Reuters GFMS, which produces benchmark supply and demand statistics for the gold market, acknowledged that some investors had become disillusioned with the precious metal’s recent performance but predicted a turnround in fortunes.

“What we’re seeing is a fairly extended pause and period of consolidation before gold makes another move higher,” said Philip Klapwijk, head of metals analytics. “The US is bound to lose its triple A rating.”