India gold futures extended gains by more than 1.5% on Wednesday afternoon to hit a record high following strong overseas markets, with help from a weaker rupee at home, which made the dollar-quoted yellow metal expensive, dealers said. * The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.70% higher at Rs 24,211 per 10 grams, after hitting a record of Rs 24,233. The contract had struck a peak in the previous session. * Overeseas gold hit a record high as investors made a beeline for bullion to shelter from the impact on financial markets of the deteriorating outlook for the global economy and Europe's worsening debt crisis. * The rupee eased for a second day on worries a global equity sell-off may trigger outflows from Indian shares too. Subdued Asian currencies also weighed. * The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. * "It's a totally dull scenario due to sudden jump of USD 50 in last three days," said Pinakin Vyas, assistant vice-president with importer IndusInd Bank. * Retail gold demand is expected to gain pace in August, when the festival and wedding seasons start in the world's biggest consumer of bullion.

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