Global gold prices slipped on Monday after the US higher-than-expected inflation data raised the likelihood that the Federal Reserve will raise interest rates later this week. 

Gold and silver futures on MCX will only trade in the evening session from 5 pm till 11:30 pm on Monday, and will remain closed during the morning session on Ganesh Chaturthi.

MCX gold futures expiring October stood at Rs 1,52,655, while MCX silver futures for September delivery stood at Rs 2,34,886 per kg.

Spot gold was near $4,340 an ounce, falling nearly 0.2 per cent on the day and off 1.8 per cent for the week. Silver fell nearly 0.8 per cent to $64 an ounce, while platinum and palladium also declined.

Underlying inflation edged up in August as the core consumer price index, which excludes food and energy costs, surged 0.3 per cent from a month earlier, data released on Friday showed. Gold ended that session higher but was still down 1.8 per cent for the week.

Further, fears of disruption of shipping in Red Sea lanes raised supply‑risk concerns, fuelling WTI crude rally above $107 a barrel.

The heightened inflation concerns due to crude oil price rally increased expectations of a Federal Reserve rate hike sharply higher and weighed on gold and silver.

Traders are pricing in nearly 88 per cent chance of a Fed rate hike in September, marking the institution's first rate hike in three years.

Houthi forces have seized key ports in Yemen, bordering the key coastline which underpin a large share of the world’s seaborne oil trade.

Saudi Arabia has temporarily shut its East‑West pipeline after drone attacks and a merchant vessel was struck in the Strait of Hormuz on Sunday, with Iranian authorities saying one person was killed and three injured.