India's local gold demand was slack on Tuesday as prices jumped above the psychological 14,000-rupee-mark and investors booked profit, dealers said. "Local demand has dried up due to the jump in prices," said Pinakin Vyaas, chief manager - treasury, with IndusInd Bank in Mumbai. "People are more interested in selling gold than buying." Dealers said local gold was available cheaper by 200-300 rupees than bank gold, signifying lack of demand. The benchmark February gold contract traded higher by 63 rupees at 14,135 rupees per 10 grams, after gaining about 7 percent in the previous week. "People are watching for prices to come down to 12,500-13,000 rupees," said S.L. Jain, president with Chandni Chowk Jewellers' Association in Delhi.

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