CANADA STOCKS-TSX tumbles on weaker gold, profit-taking

Mon Aug 10, 2009 4:58pm EDT
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* TSX down 91.66 points, or 0.84 percent, at 10,793.67

* Weak gold price pressures materials, down 1.4 pct

* RIM falls 4.7 percent after UBS downgrade (Adds details, quotes)

By Jennifer Kwan

TORONTO, Aug 10 (Reuters) - Toronto's main stock index closed lower on Monday as gold miners fell on weaker bullion prices and investors took profits after the index logged its fourth straight week of gains last week.

The decline was led by a 1.4 percent drop in the mining-heavy materials group, which came under pressure from the declining price of gold on technical selling and a resurgent U.S. dollar. [ID:nN10552665]

Goldcorp G.TO fell 2.6 percent to C$39.27, while Barrick Gold ABX.TO was down 1 percent at C$37.26, among the top heavyweight decliners.

"There is some softness in the gold market. With the U.S. dollar strong that usually hurts gold and gold producers, which of course hurts the TSX a little bit," said Paul Gardner, partner & portfolio manager at Avenue Investment Management.

The S&P/TSX composite index .GSPTSE was down 91.66 points, or 0.84 percent, at 10,793.67, with nine of its 10 main groups lower. Consumer staples was the lone sector in the black, up 0.13 percent.   Continued...