Colombia's national unemployment rate was 8.1% in July, down from 8.8% in the same month a year earlier. ^[1] A subsequent rebound in long-term rates evidenced that investors recognize the seriousness of the global fiscal situation. ^[2] Gold closed the previous week at US$4,603 per ounce, accumulating three consecutive weeks of gains. ^[3] The US public debt surpassed US$40 trillion for the first time, and the global dollar reached four-month lows. ^[4] Diego Camacho, senior economist at Credicorp Capital, said the public sector has been the main driver of employment growth in recent months, describing it as 'the big employer.' ^[5] In the 13 main metropolitan areas of Colombia, the unemployed population increased 2% year over year and growth in employed persons slowed to roughly 0.6% to 0.7%. ^[6] Nationally, the number of unemployed people in Colombia fell 6.9% year over year, while the number of employed people rose 2.4%. ^[7] Credicorp Capital indicated that gold's advance occurred after the US Treasury announced it would double its buybacks of 10 and 30-year sovereign bonds. ^[8] Gold closed the previous week at $4,603 per ounce and accumulated three consecutive weeks of gains. ^[9]