JOHANNESBURG (Reuters) - South African government bonds extended this week's gains on Wednesday, with yields hitting new multi-month lows across the curve supported by a sluggish local economy and accommodative monetary policy. Recent manufacturing data and credit growth figures have pointed to a struggling economy that may see the Reserve Bank keeping interest rates at 30-year lows throughout this year, delaying rate rises into 2012. Yields on both the 2015 bond and the 2026 paper hit nine-month lows while the rand and stocks were hit by global economic worries that have battered global markets. The rand pierced support key support at 6.80, which, if broken, will signal further losses. By 0647 GMT, it was trading at 6.8350 to the dollar, 0.56 percent weaker than Tuesday's New York close of 6.80. Local stocks looked set for a weak start, in line with global markets, despite the resolution of major strikes in the coal and gold sectors this week. Finance Minister Pravin Gordhan will speak about changes to tax regulations at 1230 GMT and investors will watch whether his comments have any implications for revenue, which he has said would take three to four years to recover after a 2009 recession. On fixed income markets, the yield on the 2015 bond fell 5.5 basis points to 7.155 percent, from a session low of 7.15 percent. "There is little value going long the R157 at present, and a paring of gains is expected in the short-term," Tradition Analytics said in a note. The 2026 yield was down six basis points at 8.25 percent, after hitting 8.245 percent. "The outlook for the local economy remains weak and rates are expected to stay on hold well into 2012. Fundamentally, local bonds are attractive when compared to U.S. Treasuries. Safe-spread positions that would profit off narrowing credit spreads continue to offer value in our view," Tradition said.

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