The US dollar hit its largest daily decline in nearly a month on Thursday, after Federal Reserve officials expressed the possibility of skipping a rate hike at the upcoming meeting. Gold hit a high in over a week as expectations of the Federal Reserve abandoning interest rate hikes at its June policy meeting led to a sharp drop in the US dollar after weak US economic data; Oil prices rose the most in two weeks. The US House of Representatives passed a bill to suspend the US debt ceiling, which helped offset the impact of rising US crude oil inventories. The market will also pay attention to the OPEC+meeting held on Sunday.

Gold hit a higher point in more than a week on Thursday, as the expectation that the Federal Reserve would give up raising interest rates at the policy meeting in June caused the dollar to plummet after the weak US economic data.

The US manufacturing industry shrank for the seventh consecutive month in May, as new orders continued to plummet, while the number of initial jobless claims in the US increased slightly last week. The US dollar has declined, and the 10-year US Treasury yield has hit a two-week low. Daniel Pavillonis, senior market strategist at RJO Futures, said, "The Federal Reserve wouldn't want to put in so much work and basically bring interest rates down from their current levels.