``Customers will wait for some more time as they could anticipate further fall in prices. As such since there is no festival season around and this could also encourage them to bid their time,'' president, Rakesh Saraf of Delhi Gold Association, told PTI.

One of the leading jewellers in the capital Subash Bhola also agreed with the view, customers could be looking forward for further fall in prices.

Spot prices for gold in Asian markets declined to a 20-year-old low of 256.30 US dollars an ounce on Wednesday.

In India, it slid to a five-year low of Rs 4070 per ten gram on Wednesday but recovered on demand yesterday to Rs 4080.

``Fall in gold prices is temporary as the gold auction impact will be discounted in two-three days,'' said an All India Bullion Merchant Association official, SheelChand Jain.

Gold prices crashed on Bank of England (BOE) auctioning 25 tonnes of gold on Wednesday, affecting the bullion market across the globe.

Gold price fall has much significance to India as it is world's largest consumer with offtake being 800 tonnes last year.

Saraf said there was little chance of gold prices rising sharply in the near future.

However, World Gold Council manager (north India) GS Pillai said price fall meant that everyone could buy more.

``In India, gold purchases are related to social occasions and therefore, consumers will continue to buy. There will be no negative movement in view of the prices fall,'' Pillai said.

Bhola also said Indians' trust in the yellow metal was supreme though confidence in it might decrease in view of the price fall.

``Such big sale like Bank of England's does have some impact in the market,'' he said.

Currently, gold offtake in the country was a bit slow in view of offseason, the officials said.

``There is no marriage season around.Recession still continues in some sectors and money circulation is less,'' Saraf said.

Gold at present was being bought by farmers in Punjab and Bihar following good harvest, he said.

``There farmers are buying bullion gold and not jewellery. Currently, such sale account for 80 per cent of total sale,'' Saraf said, adding this was in view of the yellow metal being seen as a source of security.