By Ron Derby Nov. 26 (Bloomberg) -- The rand weakened, declining the most among emerging-market currencies versus the dollar, as platinum, copper and gold prices retreated. The currency of Africa’s biggest economy depreciated as much as 1.9 percent to 7.4757 per dollar and traded 1.4 percent weaker at 7.4342 by 12:44 p.m. in Johannesburg, from a close of 7.3333 yesterday. The rand fell the most against the dollar out of the 27 emerging-market currencies tracked by Bloomberg. The rand has surged 27 percent this year as the global economic crisis eases, which in turn is boosting demand for emerging-market assets and for the commodities these nations produce. Bullion, which along with platinum accounts for about 22 percent of South Africa’s export earnings, according to the country’s chamber of mines, has surged more than 35 percent this year as central banks, pension funds and individual buyers seek to protect their wealth against a weaker dollar and inflation. The rand’s weakness is “all on the back of slightly weaker commodities this morning,” said Natheem Alexander, a bond and currency trader in Cape Town at Peregrine Quant. “Liquidity is also going to drop off because the U.S. is closed.” The U.S. market is closed today for the Thanksgiving holiday. The rand should trade between 7.45 per dollar and 7.30 per dollar today, Alexander added. Platinum for immediate delivery fell as much as 1.6 percent to $1,451.55 an ounce. Copper declined 1.3 percent to $6,897 an ounce, while zinc retreated 1.7 percent to $2.269.75 a metric ton. Gold, which rivals platinum as South Africa’s biggest export, retreated 0.4 percent to $1,181 an ounce, after reaching a record $1,195.13 earlier. Government bonds fell in South Africa, pushing up the yield on the benchmark 13.5 percent security due September 2015 by six basis points to 8.42 percent. The bond’s price, which moves inversely to the yield, lost 29 cents to 122.89 rand. To contact the reporter on this story: Ron Derby in Johannesburg at rderby1@bloomberg.net

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