Gold dropped below $1,300 an ounce on Friday, pulling back from five-month highs, as the dollar strengthened after the European Central Bank launched a multi-billion bond-buying programme to reinvigorate the euro zone economy. Spot gold was down 0.4 percent at $1,296.40 an ounce by 0711 GMT, after hitting a session high of $1,302.50. Bullion peaked at $1,306.20 on Thursday, its highest since August 15, and was still headed for a third straight weekly gain.