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Gold rose on Thursday as global markets took respite from a massive sell-off in risky assets and absorbed Republican Donald Trump's shocking U.S. presidential win, but gains were capped by firmer Asian stocks.

Given that Donald Trump hardly has any policy details to back up his general proposals, it is not clear yet what effects his presidency will have on the various markets," INTL FCStone analyst Edward Meir said in a note.

"Despite the pullback there are long-term uncertainties associated with the stated policy objectives of a Trump presidency that are likely to engineer a gold rally," HSBC analyst James Steel said in a note. "Also one factor that may still propel gold may be a shift in expectations concerning a potential December rate hike," Steel said.

"While higher uncertainty warrants an allocation to gold from a portfolio construction perspective, the tactical outlook remains mixed," Goldman Sachs analysts said in a note on Wednesday.

Reference: Reuters