According to a 2008 study by the World Gold Council, the upcoming Valentine's Day festivities should increase demand for gold. The common perception of gold amongst women is that it makes a wonderful gift "because it is everlasting", just as loved (supposedly) is.
Women in different countries appreciated the gifts for slightly different reasons. Women in Saudi Arabia and Turkey emphasized the longterm investment value of gold, while women in the USA and China emphasized gold as a symbol of love that lasts for eternity.
According to the World Gold Council, the increasing gold prices in recent years have
added to gold's prestige as a gift and as a statement of emotional commitment. I suppose that makes perfect sense. If you are willing to spend truckloads of money on a gift for your girlfriend, she must be important to you.
According to Lama Al Saheb, the Head of Marketing & PR for the Middle East Region of the World Gold Council, "With two-thirds of global gold demand coming from the jewellery sector, understanding our consumer is crucial to both the gold jewellery trade and the gold market as a whole. With retailers under severe financial pressure, unlocking the consumer purse through effective promotion of gold jewellery is critical. The continuous efforts of World Gold Council and our partners from the gold trade in the key jewellery markets have been notable in keeping this ancient adornment desirable and relevant in today’s competitive consumer market." But from the above statement we can clearly see that this continued prestige of gold in the romantic gift market is not because of gold's inherent value, but rather its perceived value as a result of continuous efforts by the WGC's promotinal efforts.
While continuing to be a popular Valentine's gift, other common celebrations when gifts of gold are often given are birthdays, wedding anniversaries, weddings, and religious holidays. Gold prices often increase somewhat in response to the increases demand in these seasons.
Reference: Business Intelligence Middle East