MUMBAI: Gold prices tumbled from their overnight record high levels on the bullion market here on Friday on emergence of hectic selling by stockists amidst weak overseas cues. Silver also dropped due to lack of demand from the industrial users. The yellow metal, which was on a record-making high, came under heavy sell-off from stockists and traders after they reduced their positions in view of a weakening global trend, traders said. In New York, gold futures fell by $8 an ounce on Thursday to post their first loss following a rebound in the US dollar. Gold for December delivery down by $8 to end at $1,106.6 an ounce on the Comex division of the New York Mercantile Exchange. Silver for december silver lost by 27 cents to end at $17.265 an ounce. In the domestic market, standard gold (99.5 purity) tumbled by Rs 180 per ten grams to close at Rs 16,700 from yesterday's closing level Rs 16,880. Pure gold (99.9 purity) also slumped by Rs 175 per ten grams to settle at Rs 16,785 from Rs 16,960 previously. Silver ready (.999 fineness) tanked by Rs 325 per kilo to finish at Rs 27,500 as against Rs 27,825 yesterday.

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