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