** Shares of Australian gold miners .AXGD drop as much as 2.8%, their biggest intraday percentage decline since May 15

** Investors are locking in profits after the sub-index's rally this year, analysts say

** Evolution MiningEVN.AX tumbles up to 4.9% while Northern Star Resources NST.AX falls as much as 2%

** Sub-index on track for a third straight day of losses, if trend holds

** AXGD last down 2%, trimming YTD gains to 50.4%

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))