Saudi Non-Oil Growth Solid in July; OPEC Cuts 2026 Oil Demand Forecast

Saudi Arabia's non-oil private sector expanded solidly in July, with the Riyad Bank PMI at 53.1 despite weaker export sales. Domestic demand improved, supporting output. Separately, OPEC further lowered its 2026 global oil demand growth forecast. This could introduce volatility in crude oil markets, potentially influencing global inflation expectations and gold's appeal or USD/PKR.

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