ANSWER:

This is not from Islam and it is a cultural thing. You should stop this and not give newborns anything so that this would stop. 

QUESTION: In Bangladeshi culture there is trend of gifting gold or big amount to newborn child. I don’t like this trend as it is kind of a societal pressure even on those who are not capable of buying gold or such. Is there any Hadith or any scholarly view on this so that I can ask people politely, showing that not to do such things and it should be stopped?