By Garth Theunissen Feb. 8 (Bloomberg) -- The rand gained the most in five days as higher prices of gold and platinum, South Africa’s biggest exports, boosted the country’s earnings outlook and analysts speculated exporters bought the currency. The currency of Africa’s biggest economy snapped three days of declines, adding as much as 1 percent to 7.7065 per dollar. It traded 0.9 percent stronger at 7.7150 by 10:58 a.m. in Johannesburg, from a close of 7.7872 at the end of last week. Gold gained for the first time in three days, rallying as much as 1.8 percent to $1,072.60 an ounce. Platinum rose as much as 1.3 percent to $1,493.75 an ounce, after declining 6.5 percent in the previous three days. “Precious metals are a major export so if prices rise you’d expect a stronger rand,” said Ian Cruickshanks, head of research at Nedbank Treasury in Johannesburg. “Exporters are also offloading their dollar earnings because now is a good time to buy rand after it was strongly oversold last week.” South Africa is the world’s biggest platinum producer and the third-largest gold producer. The precious metals, which account for almost a quarter of the nation’s export earnings according to the Johannesburg-based Chamber of Mines, have moved in lock-step with the rand every day this month. The currency’s Feb. 5 close against the dollar was its weakest in three months. Government bonds rose, pushing the yield on the benchmark 13.5 percent security due September 2015 down by less than one basis point to 8.37 percent. The bond’s price gained 3 cents to 122.57 rand. To contact the reporter on this story: Garth Theunissen in Johannesburg gtheunissen@bloomberg.net

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