Spot gold fell more than $120 intraday after Waller said the Federal Reserve still has work to do on inflation, prompting traders to raise bets on a September rate hike. Gold dropped 2.6% to $4,480 per ounce and briefly touched a one-week low of $4,464 as the dollar strengthened. The remarks marked Waller’s clearest public signal yet that additional rate hikes may be needed if policymakers cannot be confident inflation is moving steadily back to the 2% target. Other precious metals also weakened, with spot silver down 3.63% to $66.77 per ounce, spot platinum slipping 0.27% to $1,841.9, and palladium trimming gains to 5.05% at $1,418.3.