India's gold futures extended gains for a second day on Wednesday on safe-haven purchases with support from a weaker rupee, analysts said. Investors are keeping a close watch on the revamped emergency plan, which may cost more than $2 trillion, because it will potentially curb bullion's appeal if it turns out to be effective in helping reverse the global economic downturn. [ID:nLA744901] "Safe-haven buying is expected to continue in gold looking at the way stock markets are behaving," said Gnanasekar Thiagarajan, director with Comtrendz Risk Management in Mumbai. "Gold should gain to 14,550-14,600 (rupees per 10 grams) for the day," said Thiagarajan, adding supports are placed at 14,150-14,175. A weaker rupee supported, making the imported yellow metal expensive. The Indian rupee fell on Wednesday, weighed down by losses in regional stock markets and the dollar's gains overseas. See [ID:nBOM423761] The benchmark April gold contract MAUJ9 was 0.15 percent higher at 14,244 rupees at 11:30 a.m., after gaining 2 percent in the last session. MCX gold may trade in the 14,100-14,350 levels, said Debjyoti Chatterjee, associate vice-president with MAPE ADMISI. Open interest for April gold on MCX was at 20,764 lots, up from 20,549 a day earlier. Volume on Tuesday was 61.30 kgs.

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