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LONDON/AMSTERDAM: Gold edged down Friday, lingering near the key psychological level of $1,800 an ounce, pressured by a stronger dollar as investors eyed a US jobs report for cues on the Federal Reserve’s future policy stance.

Spot gold fell 0.3% to $1,799.59 per ounce by 0702 GMT, set for its worst weekly performance since mid-June.

US gold futures eased 0.3% to $1,803.10. “If we get a combination of really solid payroll numbers coming on the back of a hawkish rhetoric by the Fed, I think it’ll spook any interest rate sensitive markets like gold,” said Stephen Innes, a managing partner at SPI Asset Management. Jitters around tapering set in after Fed Vice Chair Richard Clarida said conditions for a rate hike could be met in late 2022, and the central bank could start scaling back on its asset purchase program this year. Fed Governor Christopher Waller also saw the possibility of reducing accommodative policy sooner than some expected, given the progress in economic recovery and improving labour market.

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