UPDATE 1-Toronto stocks slip as gold, oil prices drop

Wed Jul 23, 2008 11:37am EDT
 
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* U.S. gold price tumbles, dragging materials down

* Oil price drop weighs on energy sector

* Financials extend gains on U.S. bank results

*

TORONTO, July 23 (Reuters) - The Toronto Stock Exchange's main index was lower on Wednesday morning, as slide in gold and oil prices weighed on the resource-laden index.

U.S. gold tumbled more than 2 percent to around $924 an ounce as as the metal's appeal as an inflation hedge retreated amid lower crude prices and a stronger U.S. dollar.

The price of oil fell for a second straight session to around $126 a barrel as worries eased that Hurricane Dolly would hit Gulf of Mexico production, and a U.S. government report showed a larger than expected rise in stockpiles.

Commodities are getting crushed because they've been "sterling performers," said John Ing, president of Maison Placements Canada.   Continued...