India's domestic gold demand remained slack on Friday as buyers preferred to stay on the sidelines, awaiting further price declines overseas, dealers said. "There is no much of an activity happening today," said a dealer with a state-run bank in Mumbai, adding traders are waiting for dips below $800 an ounce. The benchmark gold February contract traded at 13,482 rupees per 10 grams at 1:17 p.m., about 18 percent higher than its contract low of 11,411 rupees. Dealers said traders had picked up bargains after prices fell to around $800 an ounce on Jan. 15. Also hurting demand was the weaker rupee, which has made the largely imported yellow metal more expensive. "They (jewellers) have stocks to continue...," said Mayank Khemka, managing director with Khemka International in Delhi, adding these stocks would last till February end. Any dip below 12,500 rupees locally and $800 an ounce internationally should trigger demand, Khemka added.

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