Mumbai: Gold prices tumbled from their overnight record high levels on the bullion market here on Friday, on emergence of hectic selling amidst weak overseas cues.

Silver also dropped due to lack of demand from the industrial users.

The yellow metal 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 Rs180 per ten grams to close at Rs16,700 from its previous closing level Rs16,880.

Pure gold (99.9 purity) also slumped by Rs175 per ten grams to settle at Rs16,785 from Rs16,960 previously.

Silver ready (.999 fineness) tanked by Rs325 per kilo to finish at Rs27,500 as against Rs27,825 on Thursday.