Gold prices slipped on Friday as the dollar firmed against the other major currencies in Asia in late morning trade Friday, with the U.S. dollar index testing the 94 level.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $2.4, or 0.18%, to $1,301.9 a troy ounce by 12:35AM ET (04:35 GMT).

Meanwhile, the US Dollar Index, which tracks the dollar against a basket of six major currencies, stood at 93.83, up 0.11%. This week the greenback climbed to its highest level for the year when the index hit 94.10 on Wednesday night.

The greenback was not hit by Trump's decision to call off the June 12 summit with North Korean leader Kim Jong-un, a move that may reignite geopolitical tensions in the region.

The White House released a letter by Trump to Kim, in which the U.S. president regarding the cancelled summit. Trump cited “tremendous anger and open hostility” in recent statements from Pyongyang and called the outcome a setback for both North Korea and the world.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.