[Kuruharan]

That sound you hear is the opening of a can o' worms...

While this issue may be deserving of its own thread (I'm not aware of a current one), in brief I will say I don't believe the Balrog would have left the nice, safe, dark underground because of the lure of the Ring. He could not have known of the existence of the Ring and so likely would not have understood its pull even if he felt it. He certainly does not strike me as the type to exert himself chasing after unnecessary trouble.

The Ring itself would probably not want to advertise itself too loudly because its master was Sauron and not the Balrog and it would not welcome that situation. In other words, perhaps at that moment it was purposefully not exerting a pull.

Unless you would want to suggest that the Watcher in the Water was the Balrog making an early snatch.

(Did I say in brief?)