UPDATE 1-India gold stays firm drawing sellers to market
(Updates to trends in the physical market)
* Spot gold slightly down at $941.60 an ounce XAU=
* London Brent crude up at $145.51 a barrel LCOc1
* Rupee weaker at 43.29 per dollar INR=IN
* ECB interest rates setting at 5:15 p.m., U.S. jobless claims data at 6 p.m., U.S. ISM non-manufacturing data 7:30 p.m. <MI/DIARY>
MUMBAI, July 3 (Reuters) - India's gold prices remained firm on Thursday on account of a weaker rupee and stable overseas markets, where a record-high crude oil kept gold's inflation-busting allure alive.
Demand was weak with several people taking profits from their holdings, widening the gap between the price of imported gold and locally recycled one.
"There are more sellers than buyers... we are telling the sellers (on phone) not to come," said Jugraj Kantilal, partner at Jugraj Kantilal & Co, a popular shop in Mumbai's Zaveri Bazar where sellers offload gold scrap.
The Indian rupee was weaker against the dollar as crude oil hit record highs, raising concerns of more capital outflows. The dollar affects local gold as most of the metal is imported. Continued...
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