US stock futures wavered as Wall Street digested the progress on US-China trade negotiations, a fresh legal ruling on President Trump tariffs, and braced for the release of the May inflation report.

US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earths and magnets being resolved. Both sides said they would now take the plan to their country's presidents - Donald Trump and Xi Jinping - for approval.

Gold edged higher even after the US and China said they had agreed on a plan to ease trade tensions during talks in London.

Gold prices edged higher on Tuesday, while investors awaited more clarity on U.S.-China trade talks and looked forward to key U.S. inflation data due this week for clues on the Federal Reserve's future interest rate decisions.

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy.

Trade talks between the US and China resumed on Tuesday after six hours of discussions between top officials in London on Monday. Tuesday's talks are expected to continue to focus on easing tensions over rare earths and tech.

The South African rand strengthened on Monday as markets awaited the outcome of U.S.-China trade talks. At 1515 GMT, the rand traded at 17.7125 against the dollar, about 0.2% stronger than Friday's close and extending last week's gains.