UPDATE 6-Gold ends up 1 pct as safe-haven rally fades

* Investors worry about U.S. bailout plan

* Central bank gold pact ends 4th year

* Platinum down nearly 4 pct on weak demand outlook (Recasts, updates prices, market activity to close; second byline, dateline, previously LONDON)

By Frank Tang and Humeyra Pamuk

NEW YORK/LONDON, Sept 26 (Reuters) - Gold ended 1 percent higher on Friday after surging as much as 4 percent during the session, as safe-haven and technical buying gave way to profit-taking ahead of the weekend.

Platinum tumbled almost 4 percent, dragged down by poor demand outlook.

Spot gold XAU= was at $884.40/887.40 an ounce at 3:11 p.m. EDT (1911 GMT), up 1 percent from gold's nominal Thursday close at $875.70. Earlier, it fell as low as $866.20 an ounce.

Pressure mounted on U.S. lawmakers to agree on the $700 billion bailout plan for the financial sector after talks at the White House broke down in acrimony. European shares lost ground and U.S. markets opened lower due to uncertainty.

President George W. Bush said there were disagreements on parts of the plan, but Congress ultimately would pass legislation. [ID:nLQ642722]

"We're waiting for the rescue package. There is uncertainty about when it is coming," said analyst Barbara Lambrecht at Commerzbank in Germany. "The chances of further bad news, new financial crisis breaking out are all supportive for gold."

Flight-to-quality demand picked up for gold after U.S. authorities shut bank Washington Mutual Inc on Thursday, selling its assets to JPMorgan Chase & Co (JPM.N). [ID:nLQ501615]

Fortis (FOR.BR) (FOR.AS) shares fell on Friday for a fifth straight day in feverish trading. The Belgian-Dutch bank denied it had liquidity problems, saying it had a funding base of 300 billion euros and solid solvency ratios.

"The gold market will continue to be well supported," said Frank McGhee, head precious metals trader of Integrated Brokerage Services, citing the "hyper-inflationary" effects of the U.S. market bailout plan and the weak dollar.

U.S. gold contract for December delivery GCZ8 settled up $6.50 at $888.50 an ounce on the COMEX division of the New York Mercantile Exchange.

Gold has gained about 20 percent since Sept. 11 as safe-haven demand heightened after the collapse in the share price of Lehman Brothers (LEHMQ.PK) raised questions about the stability of the U.S. and global financial sector.

"Everything's just marking time, " said Simon Weeks, managing director of precious metals at the Bank of Nova Scotia. "People are waiting to see whether the U.S. lawmakers will reach any conclusions," he said.