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

Price growth has cooled, including in key areas like groceries, but analysts say Trump's evolving trade war has made it harder to get a clear read on the economy.

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

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

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.

Inflation rose less than expected in April, as prices rose 2.3% over the year, down from 2.4% in March. Prices for gas and groceries fell, but housing and eating at restaurants got more expensive. Inflation was slightly milder than forecasters had expected, before consumers faced the full brunt of President Donald Trump's import taxes.

The S&P 500 and Nasdaq rose on Tuesday as investors analyzed new inflation data and considered what it might mean for monetary policy. Click to read.

Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.