Was the Balrog drawn by the ring?

[Zigûr]

Originally Posted by Inziladun

I think the Ring was a likely factor in the Balrog's attack on the Fellowship. It appears that all the evil creatures in Moria were drawn to it; the Watcher went for Frodo, the orc in the Chamber threw his spear at Frodo, etc.

I agree. I think the Ring was a factor. The Balrog seems to have chosen its moments sporadically: after slaying Náin I it doesn't seem to have done much again beyond perhaps lurking near the East-gate as the Battle of Azanulbizar was fought; Dáin perceived it at least, even if he didn't see it. It's a good example of why the Istari were cloaked; evidently the Balrog did not innately perceive Gandalf as a danger or it might have confronted him the first time he entered Moria.