Gold premiums near record levels on lack of supply

MUMBAI (Reuters) - Gold premiums in India stayed near record levels on Tuesday due to rising domestic demand and scant supplies as exporters get priority over shipments.

* India celebrates Dhanteras on November 1, the biggest gold buying festival, when buying is considered auspicious.

* "Demand is picking up and supplies have dried up... jewellers are not prepared to pay the hefty premium of $120 (an ounce)" said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.

* Gold imports for domestic consumption are now tied to exports under the new 80/20 rule, as an embattled government tries to curb a record trade deficit. India is the world's biggest gold buyer.

* At 0852 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.19 percent lower at 29,700 rupees per 10 grams.

* Silver for February delivery on the MCX was 0.77 percent lower at 48,801 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)