Cooling inflation could shift gold prices — but other factors may have more of an impact right now. Here's why.

Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

India's wholesale inflation in April slowed to 0.85% year-on-year from 2.05% in March, government data showed on Wednesday.

The improvement in inflation comes as President Donald Trump secures a couple of important trade deals. Consumer prices rose less than expected in April, with the pace of annual inflation falling to its lowest level since early 2021, the Bureau of Labor Statistics reported on Tuesday.

Investors eye more trade deals, updates from President Trump’s trip to the Middle East and fresh consumer inflation data after U.S. stocks soared Monday as investors celebrated major progress on U.S.-China trade talks.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.

Americans saw some relief on inflation last month, though the trade war will likely push prices of everyday goods higher in the coming months. The consumer price index climbed 2.3% year over year in April,

The inflation rate in Spain decreased to 2.20% in April from 2.30% in March, meeting estimates. The Consumer Price Index in Spain increased 0.60% in April over the previous month. Core consumer prices in Spain increased 2.40% in April over the same month in the previous year.