Yes, there will be a gold iPhone. That’s the latest I’m hearing from multiple sources after several weeks of rumors and possible component leaks suggesting the same thing. At first, I couldn’t believe Apple would break from the tradition of offering the simple choice: black and white (or “slate” and “silver” if you prefer for the iPhone 5) for their flagship device. Gold simply seemed too gaudy, perhaps even tacky. But a few compelling arguments countered my disbelief. And now, upon checking, sure enough, there will be gold.
It's believed that the gold iPhone won't be a bright gold color; rather, it will be more of a champagne color. Perhaps like the iPod pictured below.
Recent part leaks have also corroborated the idea of gold iPhone. We've seen gold colored sim card trays, buttons, and an alleged gold mid-frame.
Apple is expected to unveil its next generation iPhone on September 10th.