TORONTO (Bloomberg) - Canadian stocks declined, led by Barrick Gold Corp. and EnCana Corp., on speculation falling metal and fuel prices will reduce profits for commodity producers.

Barrick Gold paced a drop in raw-material shares as bullion prices slumped on a rising US dollar. EnCana, Canada's largest natural-gas producer, declined as the fuel fell. Research In Motion Ltd. gained, limiting the market's retreat, after Merrill Lynch & Co. said the maker of the BlackBerry e-mail device may have a "blow-out quarter."

The Standard & Poor's/TSX Composite Index dropped 0.1 percent to 13,358.91 in Toronto.

"We're seeing a little bit of weakness in energy and materials," said Gareth Watson, associate director at ScotiaMcLeod's portfolio advisory group, which oversees about $65 billion in Toronto. "The ongoing volatility we've seen in the commodities markets for the past couple of months is continuing."

The S&P/TSX rose for the first time in five days yesterday as a commodity-price jump sent a gauge of raw-material shares to the biggest rally since January. The stock benchmark had dropped as much as 13 percent from its June 18 record as falling oil, gold and grain prices pushed down the energy and material stocks that make up almost half its value.

Raw material shares retreated 2.8 percent as a group today. Barrick Gold, the largest miner of the precious metal, lost 5.2 percent to C$35.65. Goldcorp Inc., the second-biggest, slipped 6.5 percent to C$32.93.

Gold and silver prices fell on speculation accelerating US inflation may spur the Federal Reserve to raise interest rates, boosting the dollar and eroding metals' appeal as an alternative investment.

EnCana lost 1.8 percent to C$73.10. Natural gas for September delivery fell 3.8 percent to $8.136 per million British thermal units.

Canadian Natural Resources Ltd. and Suncor Energy Inc. fell as crude oil futures dropped 0.9 percent to $115.01 a barrel. Canadian Natural, which produces oil and natural gas, decreased two percent to C$82.82. Suncor, the world's second-largest oil-sands mining company, lost 1.2 percent to C$56.

Crude prices have retreated in four of the past five days as investors bet that fuel-consumption declines in the US will spread to other countries as their economies slow.

Research In Motion, the company with the biggest weighting in the S&P/TSX, gained 3.4 percent to C$139.24. Analyst estimates for fiscal third-quarter shipments are "extremely conservative," Merrill analysts led by Vivek Arya in New York wrote in a report.