Yep, perhaps a thin coating of gold on base metal, not even brass. A nice thing about "real" gold is it holds up forever.
On old pocketa watches, there are two interesting variations; nice cases on crappy works, and high quality works with base metal cases.
The nice cases went for presentation, like graduation or retirement. The cheap cases with highly accurate works went to conductors, who were checking their watches every few minutes, with runs where the time zones changed in 4-minute intervals. Most even required a pin be pulled out to change the time, to prevent accidents.
Another thing to look for is RGP, for Rolled Gold Plate. Similar in construction to clad coins, with a brass center and outer layers of Karat gold. Some call it by gold content (1/10 12K RGP, on eyeglasses, means the outer 10th is 50% gold, for 5% net content before wear), while watches would say 10, 20, or 25 year guaranteed. The year meant that they would guarantee the gold layer wouldn't wear through in that many years of being pulled in and out of a watch pocket.