Is it permissible to accept a gift of gold, such as rings, for a newborn male, and what is the ruling on keeping it on his behalf if it is accepted?

It is permissible to accept gold as gifts for a male newborn, even if it is something he is not permitted to use, because it is property that can be utilized by selling it when needed. This is supported by the fact that the Prophet, peace and blessings be upon him, gifted a silk garment (hulla siyara') to Umar, may Allah be pleased with him, explaining, "I did not give it to you for you to wear it; rather, I gave it to you for you to sell it or to clothe someone else with it."