* London Brent crude lower at $40.00 a barrel LCOc1
* Rupee firm at 48.68 per dollar
* U.S. weekly jobless claims at 1330 GMT [MI/DIARY]
MUMBAI, Dec 24 (Reuters) - India's gold reversed gains due to profit-taking on Wednesday and domestic demand remained weak as traders avoided taking fresh positions ahead of the year-end, traders and dealers said. "There is no (gold) demand," said a dealer with a private bank in Mumbai, adding the situation is likely to continue as gold refineries will be shut till the first week of January due to year-end.
The benchmark February gold contract MAUG9 traded 1 rupee lower at 13,072 rupees per 10 grams after gaining by over 2.5 percent for three continuous sessions.
"Local volumes are very low due to the holiday mood," said Prithviraj Kothari, director at Riddhisiddhi Bullions Ltd, a Mumbai-based wholesaler.
Local markets are also giving a discount of $10-$15 (an ounce) on gold in order to encourage purchases, Kothari added.
