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* TSX falls 116.40 points, or 0.92 percent, at 12,477.57 * Nine of 10 main sectors decline * Penn West climbs after restructuring plans * Gold shares rise after bullion price jump By John Tilak TORONTO, June 5 (Reuters) - Canada's main stock index slipped to the lowest in nearly three weeks on Wednesday, led by declines in most major sectors after a U.S. private sector jobs report missed expectations. The lone bright spot was the gold sector, which jumped after the weak data fueled a rise in the price of bullion. U.S. companies picked up the pace of hiring in May, but job growth remained sluggish and fell short of economists' expectations as the goods-producing sector shed payrolls. Investors also worried about whether the U.S. Federal Reserve will start scaling back its massive stimulus program. "The market is still in a fairly unsettled state, trying to determine where we are and where we're going" said Fred Ketchen, director of equity trading at ScotiaMcLeod. "The stimulus can't go on forever," he added. "Enjoy it while it's there, but it isn't going to last forever." The Toronto Stock Exchange's S&P/TSX composite index was down 116.40 points, or 0.92 percent, at 12,477.57. Nine of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 1 percent. Royal Bank of Canada, Canada's biggest bank, lost 1.3 percent to C$60.40. Shares of energy producers fell 0.5 percent. Penn West Petroleum Ltd named a former Marathon Oil Corp executive as chief executive and said it would slash its dividend, cut 10 percent of its staff and review strategic options, such as asset divestments and joint ventures. Penn West shares added 0.5 percent. The materials group, which includes mining stocks, traded in positive territory, thanks to a 2 percent jump in shares of gold companies. Barrick Gold Corp was up 1.3 percent at C$21.85, and Goldcorp Inc advanced 1 percent to C$30.73.