Gold Price Forecast: XAU/USD gains traction above $1,980, US GDP eyed

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• Gold price gains momentum above $1,980 despite higher US yields.
• US New Home Sales for September increased to 759,000 MoM, above the market expectation.
• Rising geopolitical tension in the Middle East might boost safe-haven assets like gold price.
• Traders await the US growth numbers for Q3, which is expected to show a 4.2% expansion.

Gold price (XAU/USD) extends its upside during the early Asian trading hours on Thursday. Despite higher US Treasury bond yields, the precious metal gains momentum on the risk aversion. At the press time, gold price is adding 0.21% on the day to trade at $1,983.