Gold futures edged marginally higher Wednesday as the dollar and U.S. bond yields moved higher, but ongoing concerns over President Trump's tariffs kept prices above $3,000/oz.

Gold, traditionally seen as a hedge against uncertainty and inflation, has climbed 15% YTD and reached an all-time intraday high of $3,057.21 on March 20.

The effect of the upcoming April 2 reciprocal tariffs on global growth underpin a bullish outlook on gold for the next three months, Citi analysts said, adding the market may be significantly underpricing the effects of the tariffs and that investors should take insurance against adverse outcomes.

Front-month Comex gold (XAUUSD:CUR) for March delivery finished -0.1% to $3,020.90/oz, its third loss in four sessions, but front-month March silver (XAGUSD:CUR) ended +0.1% to $34.033/oz, the fifth-hgihest settlement this year for both precious metals.

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (SLV), (PSLV), (SIVR), (SIL), (SILJ)

Gold futures are poised to rise to $3,500/oz within the next two years, Bank of America said in a new report, while highlighting that uncertainty arising from U.S. trade policies will continue to lend support to prices in the near-term.

BofA said the new target can be reached if investment demand for gold increases by 10%, which can come from a number of places, including continued buying by central banks and continuing appetite for gold ETFs among retail investors.

On average, the bank now expects gold to trade at $3,063/oz in 2025 and $3,350/oz in 2026, an increase from its previous forecasts of $2,750/oz for 2025 and $2,625/oz for 2026.