There is obviously doubt about whether or not the giver intended to give the gold bracelet. So what is the upside of not asking her about it? The only upside I can think of is that the recipient mom gets a free gold bracelet that possibly wasn't intended as a gift. Would she be comfortable enough with her decision to casually wear the bracelet in front of the giver?
The downside of not asking is loss of a friendship.
Mammavan, did your friend ask about the bracelet, and if so, was it given by mistake?