Gold's 6.5 percent rise in the first quarter apparently didn't entice investors to purchase gold bars and coins.

Demand for those forms of the precious metal plummeted 39 percent in the quarter from a year earlier, to 283 metric tons, according to a report from the World Gold Council, CNBC.com reports.

"Caution permeated the market for small bars and coins during the first quarter, particularly in the more price-sensitive markets, as investors awaited a clear signal as to the future direction of the gold price following the huge levels of investment in 2013," the report said.

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Gold prices dropped 28 percent last year, the steepest decline in 32 years. And investors apparently wanted to see more weakness before they bought.

"Investors in some markets had been expecting a further price dip to provide a good buying opportunity in the first quarter," the World Gold Council report said. But that didn't happen.

To be sure, gold has slid 7.2 percent since March 14, so it will be interesting to see whether buying has picked up in the second quarter.

June gold futures traded at $1,289.40 on the Comex about midday Wednesday.

Gold prices haven't moved much since the beginning of April. "For the past few weeks, gold has been struggling for direction," Jonathan Butler, an analyst for Mitsubishi, told Reuters.

"We have seen occasional spikes when some news out of Russia has happened, but this geopolitical risk factor is already in the price to a large degree. . . Investors are just lacking conviction."
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