"Essentially, wearing gold is prohibited for men. `Abdullah ibn `Abbas reported that the Prophet (peace and blessings of Allah be upon him) saw a gold ring on a man’s hand. He took it off and threw it aside, saying, "Would any of you take a burning coal and hold it in his hand?" When the Messenger of Allah (peace and blessings be upon him) had gone away, someone said to the man, "Take your ring and make use of it (i.e., sell it.)" He said, "No, by Allah, I will not take it after the Messenger of Allah (peace and blessings be upon him) has thrown it away.” (Reported by Muslim).
`Abdullah ibn `Amr ibn Al-`Aas reported that the Messenger of Allah (peace and blessings be upon him) said: "If anyone from my ummah wears gold and dies wearing it, Allah will deny him the gold of Paradise. If anyone from my ummah wears silk and dies wearing it, Allah will deny him the silk of Paradise.” (Reported by Imam Ahmad.)
This prohibition applies to men only, not to women, as `Ali, (may Allah be pleased with him), reported that the Prophet of Allah (peace and blessings be upon him) took a piece of silk in his right hand and a piece of gold in his left, and said: "These are forbidden for the males of my ummah.” The Prophet (peace and blessings of Allah be upon him) also said: "Wearing silk and gold is permitted for the women of my ummah and prohibited for the males.”