Knocking On The Door That Opened Earlier

This report from the Economic Times, itself an Indian publication, speculates that the Indian central bank may buy some of the 191.3 tons of gold the IMF is trying to get rid of:

Reserve Bank of India, which has increased its gold holdings to diversify its reserves, looks set to be a buyer again when the International Monetary Fund begins selling 191.3 tonnes of the precious metal amid volatility in major currencies....

India is no stranger to gold. They are gearing up for growth and want to recalibrate their reserves," said Mark Pervan, senior commodities analyst at ANZ. "They can't lift their gold holdings from domestic output, unlike China. And they have shown an appetite to buy in the past."

Reserve Bank of India officials declined to comment on their gold plans but some said the bank considered gold to be a safe investment strategy. "We are closely looking at the gold market. We buy at market prices," an RBI official said.

I admit that I have a cynical streak, but to me this part of the report comes across as disguised lobbying.

The rest of it does mention the now-well-travelled turn-down by the People's Bank of China. As reported in the official publication China Daily, and noted in the above report, there's little chance that the PBoC will buy foreign gold intead of gold from domestic sources. The PRC being a mercantilist power, this decision is consistent with overall policy.