The Toronto Stock Exchange deviated from the profitable course of U.S. markets Wednesday afternoon as the price of gold stocks declined.
Shares of Iamgold Corp. fell 5 per cent, Detour Gold 4 per cent and Gammon Gold 3 per cent. Goldcorp was off almost 2 per cent and Barrick Gold slid 1 per cent.
Investors were taking profits as market sentiment shifted slightly to riskier assets and away from traditional havens after bond sales picked up in parts of Europe. The price of bullion contracts for December delivery fell $1.80(U.S.) to $1,257.50 an ounce.
Even with the decline, prices for the precious metal remain close to their highs. Only one day earlier, contracts for December delivery hit a record close of $1,259.30, suggesting investors continue to harbour doubts about the strength of the economic recovery.
The S&P/TSX was off 25.63 points to 12076.35 during the last hour of trading on Wednesday, while the S&P 500 was up 8.23 points to 1,100.07.