By Sukanya Mitra July 31 (Reuters) - Gold dropped more than 1% on Friday as the U.S. dollar regained footing, but was still on track to post its first monthly rise since February as investors pared back rate hike bets after the Federal Reserve meeting this week.

A significant data revision has slashed the estimated level of central bank purchases from 244 tonnes in the first quarter to just 57 tonnes — the lowest first-quarter level in more than 15 years, according to a new report from the World Gold Council, an industry body.