London's precious metals market will close for Queen Elizabeth's funeral- LBMA

(Reuters) - The London Bullion Market Association (LBMA) said on Monday that trade in precious metals in London would be suspended on Sept. 19, the day of Queen Elizabeth's funeral.

"Due to the state funeral of Her Majesty Queen Elizabeth II, Monday, 19 September 2022 will now be a UK bank holiday. Therefore, the London market will be closed and there will be no metal settlements in the UK on that day," the LBMA said in a statement.

London is world's largest trading hub for precious metals.

The LBMA said the clearing system that underpins trade in the city would not operate on Sept. 19 and that auctions to set benchmark prices for gold, silver, platinum and palladium would not go ahead.

(Reporting by Peter Hobson; Editing by Susan Fenton)