Gold prices were higher in European trade on Wednesday, bouncing off the prior session's 8-week low after U.S. President Donald Trump surprisingly fired FBI Director James Comey in a move that shocked Washington.

Renewed fears that North Korea could be gearing up for another weapons test also supported the safe haven precious metal.

Democrats immediately accused Trump of having political motives, as Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign.

Market analysts warned that Comey's firing could create a sideshow that may delay the Trump Administration's plans on tax reform and infrastructure spending, while some experts suggested investors were spooked by yet another example of Trump’s unpredictable behavior which puts markets on edge.

U.S. stock futures pointed to a lower open on Wednesday as investors moved risk off the table in light of Trump’s abrupt dismissal of Comey. At 09:57GMT, the blue-chip Dow futures lost 0.24%, S&P 500 futures fell 0.17% and the Nasdaq 100 futures slipped 0.09%.

Elsewhere, European stocks moved lower on Wednesday, showing caution as fresh U.S. political worries dampened market sentiment European Central Bank (ECB) president Mario Draghi due later in the day.

Earlier, Asian stocks edged higher for a third consecutive day on Wednesday as investors focused on strong corporate earnings.

Oil prices traded nearly 1% higher on Wednesday, bouncing back from the prior session's losses after industry data overnight showed a sizable decline in U.S. oil stockpiles.

Disney trouble: Walt Disney appeared set to weigh on the Dow as a decline in subscribers and higher programming costs at cash-cow ESPN caused the entertainment giant’s revenues to miss consensus. Shares were down nearly 3% in the after-hours market when the numbers were released after Tuesday’s close.

Pre-market trade suggested Apple would be unable to come to the rescue of the blue-chip index. Shares were off 0.6% as investors looked set to take profits a day after the iPhone maker became the first company to top $800 billion in market capitalization.

In other earnings out Wednesday, Mylan Labs, Time and Wendy’s are among firms reporting before the opening bell, while attention will be paid to the likes of Snap Inc or Whole Foods after the close.

ECB president Mario Draghi is set to speak on monetary policy before the Dutch House of Representatives at 11:00 GMT.

Though the next policy decision will not be made until June 8, market players will keep their ears open for any hints on Draghi’s plans to either maintain accommodation or to contemplate its removal.

EUR/USD has been drifting lower after hitting 1.1021 on Monday, the lowest level since early November, so investors will gauge Draghi’s commentary on recent economic improvements in the euro zone to decide if the single currency can make up some lost ground.