Al-Hakam ibn Jahl narrates from Umm al-Kiram that she said:
"There (during the hajj) I met a woman in Makkah who had a lot of servants, and she had no jewelry other than silver. I said to her: Why does no one from among your servants have any jewelry other than the silver. She said: My grandfather was with the Messenger of God (ﷺ) and I also was with him and I had two golden earrings. The Messenger of God (ﷺ) said: "Two metals of the Fire". So none from our house wears any jewelelry other than silver” 
Based on this, are women allowed to wear gold?
The hadeeth quoted above and other similar ahadeeth gave rise to the question that you have asked. The majority of the scholars are of the view that it is allowed for women to wear gold because of other ahadeeth which permit that and they interpret the hadeeth you have quoted and similar ahadeeth to mean that this is the gold upon which the Zakaah was not paid.
 [Al-Muhaddithat: Abu Nu'aym Asbahani, Ma'rifat al-sahabah, v 407. Quoted in al-Muhaddithat - The women scholars in Islam by Mohammad Akram Nadwi, pg 95 on PDF]< Back to Questions