Demand would revive if prices come anywhere between Rs 14,000-14,300, said Rajan Venkatesh, managing director, India bullion, ScotiaMocatta, on the sidelines of a conference.
At 1:15 pm, Scotia Bank quoted gold at Rs 15,470 per 10 grams.
There will always be some demand, said Venkatesh, commenting on the current demand situation.
Indias gold imports stood near 1.9 in January but there were hardly any imports in the following month as price-sensitive buyers stayed away from making fresh purchases, according to Bombay Bullion Association (BBA).
Imports fell to around 395.8 tonne last year compared with 759 tonne in the year-ago period, according to data from BBA.