Gold premiums jump on supply woes

MUMBAI (Reuters) - Gold premiums in India, the world's biggest buyer, jumped further due to the scarcity of the yellow metal ahead of a series of festivals even as prices hit their highest level in more than five weeks.

* Premiums jumped to $25-30 an ounce on London prices as against $20 an ounce last week, said Bachhraj Bamalwa, a director at the All India Gems and Jewellery Trade Federation, adding "there is massive shortage of gold due to restrictions."

* The Reserve Bank of India tightened gold imports, making them dependent on export volumes, with an eye on reducing a record current account deficit.

* "There is uncertainty about stocks, all (importing banks and state-run trading agencies) are refusing to take orders ...," said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in Kolkata.

* At 3.52 p.m., the actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 0.73 percent higher at 27,834 rupees per 10 grams, after hitting a high of 27,865 rupees, a level last seen on June 20.

* Silver for September delivery on the MCX was 0.1 percent higher at 41,089 rupees per kg.

* Gold imports in India rose in July, Finance Minister P. Chidambaram said on Monday, from 31.5 tonnes shipped in June.

* The measures to curb imports had effect in June, but imports rose in July, the finance minister said, without giving details of July gold imports in tonnage or value terms.

(Reporting by Siddesh Mayenkar; Editing by Jijo Jacob)