Gold fell 1% on Thursday as stronger-than-expected U.S. payroll data cemented expectations that the Federal Reserve is unlikely to cut interest rates as early as previously anticipated, denting the metal's appeal.

Gold dropped after strong US jobs data took the pressure off the Federal Reserve to lower interest rates at the end of this month. Most Read from BloombergNYC Commutes Resume After Midtown Bus Terminal Crash ChaosStruggling Downtowns Are Looking to Lure New CrowdsMassachusetts to Follow NYC in Making Landlords Pay Broker FeesForeign Buyers Swoop on Cape Town Homes,

The selloff in gold comes after the latest US payroll numbers came in above analyst expectations, lowering the chances of a Fed rate cut.