The purpose of this answer is to note that the proof given by @frakbak here can be used to prove something a bit stronger:
We can replace the assumption that $f$ is even by the weaker assumption that all its odd order derivatives vanish at zero.
That is, let $f:[0,\infty) \to\mathbb{R}$ be smooth and suppose that all its odd order derivatives vanish at zero. Then the map
$g_f:\mathbb{R}^n\to\mathbb{R}$ given by $g_f(x)=f(\|x\|)$ is smooth.
In fact, $g_f$ is smooth if and only if $f$ satisfies the conditions above. (see comment at the end).
We shall prove this by induction:
More specifically, we will prove that for every natural $k$ given any such $f$, $g_f \in C^k$.
The case $k=1$:
Direct calculation shows that
$$\frac{\partial g}{\partial x^i}(x)=\begin{cases} f'(\|x\|)\frac{x^i}{\|x\|} & \text{if $x\neq 0$} \\ 0 & \text{if $x=0$}\end{cases}
\tag{1}$$
which is continuous at the origin. Indeed,
$$ \lim_{x \to 0}f'(\|x\|)\frac{x^i}{\|x\|} =\lim_{x \to 0}\frac{f'(\|x\|)-f'(0)}{\|x\|}x^i=f''(0)\cdot \lim_{x \to 0}x^i=0.$$
Comment: The claim $\frac{\partial g}{\partial x^i}(0)=0$ relies upon the assumption $f'(0)=0$. In general, we would get $"\frac{\partial g}{\partial x^i}(0)=\pm f'(0)$, i.e. to different left and right derivatives.
This proves the claim for $k=1$.
Now, we assume that the claim holds for $k$ and proves it for $k+1$:
Using equation $(1)$, we can write
$$\frac{\partial g}{\partial x^i}(x)= F(\|x\|)x^i \tag{2}$$
where $F:[0,\infty) \to\mathbb{R}$ is defined by
$$F(x) := \begin{cases} \frac{f'(x)}{x} & \text{if $x\neq 0$} \\ f''(0) & \text{if $x=0$}\end{cases}.$$
Now, $f \in C^{\infty} \Rightarrow f' \in C^{\infty}$ which together with $f'(0)=0$, imply that $F \in C^{\infty}$, and $F^{m}(0)=\frac{f^{(m+2)}(0)}{m+1}$ for every natural $m$. Thus, all the odd derivatives of $F$ vanish at zero. The induction hypothesis (applied for $F$) imply that $x \mapsto F(\|x\|)$ is in $C^{k}$, thus by equation $(2)$ $g \in C^{k+1}$ as required.
A proof that these conditions on $f$ are necessary for $g_f$ to be smooth:
Suppose that $g_f(x)=f(\|x\|)$ is smooth. Then $x \mapsto g(0,\dots,0,x,0\dots,0)=f(|x|) $, is smooth which in turn implies $f$ is infinitely differentiable at zero, and that all derivatives of $f$ of odd order vanish at zero.
Note that for positive $x$ the map $x \mapsto f(|x|)$ coincides with $f(x)$ so $f$ must be smooth also on $(0,\infty)$.