* Stocks dip on surging virus cases
* Platinum down more than 3%
* Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Updates prices)
By Brijesh Patel
Oct 26 (Reuters) - Gold prices were steady on Monday as investors worried about a spike in COVID-19 cases and the race for next month's U.S. presidential election faced a stronger dollar.
Spot gold XAU= was up 0.1% at $1,904.60 per ounce by 1:32 p.m. EDT (1732 GMT). U.S. gold futures GCcv1 settled mostly unchanged at $1,905.70.
"Gold has been trapped between $1,930 - $1,880. It is waiting to take cues from the election and there's this resurgence of the pandemic," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
"But the dollar index is up today, (and) has a strong inverse correlation to gold," he added.
A spike in new infections weighed on risk sentiment among investors as cases touched record levels in the United States. In Europe, Italy and Spain imposed new restrictions. MKTS/GLOB Sunday, U.S. House of Representatives Speaker Nancy Pelosi said President Donald Trump's administration was reviewing the latest plan for more COVID-19 relief, and she expected a response on Monday. bullish sentiment remains strong and deep, with a view that more stimulus will be coming and that it is really only a matter of time," said Tai Wong, head of base and precious metals derivatives trading at BMO.
"As a result we continue to see demand for gold on dips."
Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.
However, safe-haven gains for the U.S. dollar limited gold's appeal, as the dollar index .DXY rose 0.3% against its rivals, making gold more expensive for holders of other currencies. USD/
Elsewhere, silver XAG= slipped 1.4% to $24.25 per ounce, palladium XPD= fell 1.9% to $2,346.46 and platinum XPT= shed 3.5% to $869.83.