An unnamed senior India ministry has indicated that India is likely to announce procedures to reduce gold imports as early as today.

Gold (GLD, quote) bugs will be watching India closely for any rules that will reduce imports. Currently India is the second largest consumer of gold with data indicating that October y/y saw $4.18 billion for the shiny metal.

Gold is likely to continue to surge despite India’s (INDY, quote)  trade deficit surrounding lower crude oil prices as the country enters its wedding season.

Look for gold prices to react on any news coming out of India.