While a rate hike is likely to happen at the next Federal Reserve Meeting next week, a more dovish tone is expected in 2019, said Peter Hug, global trading director of Kitco Metals.

We think the Fed is going to back off in 2019 and it appears that a lot of analysts are indicating that the Fed is going to be much more dovish coming into 2019,

"We think the Fed is going to back off in 2019 and it appears that a lot of analysts are indicating that the Fed is going to be much more dovish coming into 2019, and given some of the larger geopolitical issues such as Brexit, and the issues with the Italian financial system, we continue to hold the belief that the Fed is going to err on the side of dovishness in 2019," Hug told Kitco News.

Hug added that a dovish Fed should be negative for the dollar, which would be bullish for gold, at least for the first quarter of 2019.

The Fed's rate hike at their next meeting is likely to bring gold down and then see the yellow metal rebound, following the same pattern in previous December rate hikes, Hug said.

"I would buy into the hike. Right after the hike is announced, I expect, like always happens, that there will be some knee-jerk selling. I would buy the dip. If you look at the last three Decembers, when the Fed raised rates, we had a rally right after the rate increase through the end of January. I expect the same to occur this time," he said.

For more on gold, read Real Money's Gold Is Back as a Hedge Against Inflation

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