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

Stocks were set to edge higher on Wednesday, having racked up solid gains the previous session thanks to a cooler-than-expected inflation reading and news of artificial intelligence investments from Saudi Arabia.

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.

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

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.