SINGAPORE (Commodity Online) : Gold prices dropped in Asian trade Wednesday mainly on profit taking from recent gains.

Gold for immediate delivery was seen trading at $1136.20 an ounce at 12.00 noon Singapore time while Futures also decreased after rising to a record along with silver, platinum and palladium.

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The rally this month has pushed spot gold’s 14-day relative strength index to more than 70, a level regarded by some investors and technical analysts as signaling a decline.

Gold is up 29 percent this year as central banks, pension funds and individual buyers seek to protect their wealth against currency debasement and inflation.

The International Monetary Fund said this week it sold 2 metric tons of gold, valued at about $71.7 million, to Mauritius.

The sale followed India’s $6.7 billion purchase of 200 tons, which was announced earlier this month. The IMF plans to sell a total of 403.3 tons to bolster its finances.

The Dollar Index, which tracks the dollar against six major currencies and has lost 7.4 percent this year, was little changed at 75.296 after rising 0.6 percent yesterday. Gold typically moves inversely to the U.S. currency.

On Tuesday, the most active gold contract for December delivery edged up 20cents to finish at $1,139.40 an ounce. The contract hit an all-time high of 1,144.20 on Monday.

Meanwhile, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1113.833 tones as of November 17, unchanged from the previous business day.

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