Toronto stocks closed lower Monday saddled with a slumping gold sector and weakness in the key financial services group. The S&’P/TSX Composite Index fell 33.63 points to end at 6,444.11.

Overall, eight of the TSX 13 sector indices lost ground, led by a 3.72% slide in the gold group.

The price of bullion fell after Iraq’s announcement that it will allow spyplane flights over its territory and outlaw the use of weapons of mass destruction.

Barrick Gold fell 48¢ to $24.57; Kinross Gold dropped 68¢ to $10.57.

The financial services index fell 0.92%.

Manulife Financial dropped 81¢ to $35.64; Sun Life Financial lost 87¢ to $26.55; TD fell 39 ¢ to $31.92.

Kingsway Financial fell 13¢ to $13.40 ahead of its record fourth-quarter profit report.

IPSCO shares fell 39 cents to $14.61 after the steel-maker posted a fourth-quarter market but said first quarter profits wouldn’t meet the street’s expectations.

Toronto volume was 158.5 million shares worth $1.83 billion, decliners beat advancers 642 to 427, with 221 unchanged.

The S&P/TSX Venture composite index closed down 22.43 at 1094.74. Trading was heavy on a volume of 36.5 million shares worth $14.1 million, with 173 advances, 281 declines and 537 issues unchanged.

In New York, U.S. markets gained from Iraq’s announcement. The Dow Jones Industrial Average rose 55.88 points to 7,920.11. The Nasdaq Composite Index rose 14.21 points to 1,296.68. The S&P 500 was up 6.19 at 835.88.

The Canadian dollar fell US0.39¢ to close at US65.37¢.