NEW DELHI: India's gold prices dipped marginally on Thursday from a day ago, triggering some buying from traders and investors, but a majority of buyers waited hoping for bigger falls ahead as the year wound down. "People are buying less. Only those who have a need are buying," said Suresh Kumar of Visakha Bullion Corp , a large wholesaler in Visakhapatnam in south India. Gold prices fell slightly tracking stable markets overseas and the rupee that hit a fresh one-week high against the dollar at mid-morning trade, though gave up some gains later. A stronger rupee lowers gold prices as most of the metal is imported into India and paid for in dollars. "People will buy so long as the rates stay under $1,400 an ounce," said Harshad Ajmera of JJ Gold House , a large wholesaler in Kolkata in east India. Ajmera said majority of the buyers in the market were investors and traders stocking up in the belief gold will get pricier in the New Year. He added that a dip to 19,000 rupees per 10 grams, a price not seen since September, could spark off heavy buying in the local market. India's festivals ended last month and the wedding season ended this month, but traders have to buy to prepare for the next buying rush that would start after the harvest festival mid-January, after which weddings also take place.

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