By Frank Tang

NEW YORK (Reuters) - Gold rallied above $910 an ounce on Tuesday, boosted by flight-to-quality buying as Wall Street, hoping for more specifics from a long awaited bank rescue plan, sold stocks and other assets.

Bullion rose further after the U.S. Treasury unveiled a revamped massive financial rescue plan to cleanse bad assets from banks and support new lending through an expanded Federal Reserve program.

Bill O'Neill, managing partner of LOGIC Advisors, said that the new U.S. stimulus plan would not alter the potential long-term inflationary expectations related to massive liquidity injections by central banks.

"It hasn't alleviated the concerns that are already existing. There is going to be very much of a wait-and-see attitude to it, and that's bullish for gold," O'Neill said.

Spot gold was at $914.60 an ounce at 2:18 p.m. EST (1918 GMT), up 2.2 percent from the last trade $895.00 late in New York on Monday. Earlier, it touched a high of $914.65.

U.S. gold futures for April delivery settled up $21.40, or 2.4 percent, at $914.20 an ounce on the COMEX division of the New York Mercantile Exchange.

Analysts say the plan could result in increased debt supply, stirring inflation fears, which would be positive for bullion, and in the short term could boost commodities as an asset class.

"You are going to have a gold rally. Gold is not subject to the fiat of any type of paper asset or currency that is issued by a given government," said Frank McGhee, head precious metals trader of Integrated Brokerage Services.

Investment demand for gold is supporting the precious metal. The world's largest exchange-traded fund, the SPDR Gold Trust, said its holdings rose to a record 881.87 metric tons on February 9.

Rising ETF investment has taken up some of the slack caused by weaker jewelry demand in recent weeks. Indian buyers were awaiting a fall in prices before making purchases, dealers said.

Among other precious metals, platinum rose 5 percent to a 3-1/2 month high of $1,039.50 an ounce, boosted by talk of buying by a European carmaker, as well as fund buying and interest in platinum-backed ETFs.

The platinum group metals, which are more widely used as an industrial commodity compared to gold, have been supported by expectations of the U.S. economic stimulus plan.

Platinum was last at $1,027.00 an ounce, up 4.0 percent from its last finish of $988 late in New York on Monday.

Investors are also turning their attention to the outlook for supply, after recent focus on falling demand.

"The announcement of Anglo Platinum yesterday that they may lay off as much as 10,000 people was seen as bullish," said one trader. Continued...