UPDATE 1-India gold demand low as prices remain firm

(Updates to trends in the physical market)

* Spot gold down at $882.25 an ounce <XAU=>

* London Brent crude weak at $124.81 a barrel LCOc1

* Rupee weak at 41.957 per dollar <INR=IN>

* U.S. Federal budget for April 1800 GMT [MI/DIARY]

MUMBAI, May 12 (Reuters) - India's gold demand remained low on Monday as prices remained firm, prompting buyers to wait for a fall, dealers said.

"The demand has come down after good sales during Akshaya Tritiya," said Dipen Mandelia, director of Ahmedabad-based LKS Bullion Import and Export Pvt Ltd.

Akshaya Tritiya, an auspicious festival for buying gold, ended on Thursday.

Domestic gold prices erased early losses and moved higher in afternoon trade. People are cautious of high prices and they are keeping themselves away from the market, said Ashwin Choksi of Mumbai-based Jamnadas M. Choksi Jewellers.