Gold prices, which scaled record highs in the domestic market last week, are likely to face a crucial test in the coming days with investors watching US macroeconomic data and geopolitical tensions for cues on the trajectory of the precious metal, analysts said.

Upcoming US employment data, purchasing managers' index (PMI) readings from major economies, and speeches of several Federal Reserve officials will also be watched, they said.

"In the week ahead, focus will be on the manufacturing/services PMI data from across regions and the US employment data. Festive demand in India and uncertainty over the Russia-Ukraine peace deal as well as straining India-US relations, will also drive market sentiment," Pranav Mer, Vice President, EBG -- Commodity & Currency Research, JM Financial Services, said. On Friday, the most-traded gold futures for October contract soared to an all-time high of Rs 1,04,090 per 10 grams on the Multi Commodity Exchange (MCX) before settling near record levels.

"Gold prices zoomed to an all-time high of Rs 1,04,090 per 10 grams in the domestic market, as the US dollar continued to consolidate, despite better-than-expected economic numbers released from the US, while the PCE inflation data rose in line with expectations," Mer said. Pranav Mer added that while some profit booking cannot be ruled out, the overall bias for bullion remains positive. "Gold prices may find support with an upside potential of Rs 1,08,000-1,10,000 per 10 grams in the short-term," he said.