That's a good point. There are places and cultures where the visible display of gold is highly prized as a symbol of wealth. I'm not sure all those same places are hotbeds of iPhone purchases, but there is certainly some overlap.
Elsewhere, I personally think the gold edition is intended mostly to get more publicity for the Apple Watch. It doesn't matter what it costs, it'll be the one favored by people who are often in the public eye.
E.g. When all those teen girls see Taylor Swift with a gold Apple Watch, they'll be begging their daddies for a Watch for their iPhones as well. Which, as a father, reminds me: what was the name of that $30 clone watch again ?
It's funny isn't it.
As Gold (in my opinion anyway) can look VERY tacky and nasty really easily.
A little bit here and a little bit there, subtle amounts of gold can add to the looks of something, and be quite tasteful.
But it's so so very easy to step over that mark and make yourself look very very "Chavvy" (if you know that term)
A bit like, lower class rich with zero taste that seem to simply think gold is THE thing to be seen with, when in fact it looks horrid and tacky as I say.
There was a TV show many years ago, about the very very wealthy.
It was interesting as they showed some American homes and European millionaires.
The European ones, we all very tasteful, nice subtle objects, all VERY expensive, but of amazing quality, that did not SHOUT LOOK AT ME I MUST OF COST A LOT !!!!
Then they showed some American homes of a few rich people and they looked dreadful. It's simply like someone with zero taste and too much money went shopping, went to the most expensive stores, and said I'll buy whatever the most expensive item you have it, and threw it all into their house thinking THAT was the way to impress people.
Gold taps, Gold door handles, Gold Light switched, Gold Lamps, and so it went on.
Cost a fortune, but looked like a Gold version of Walmart.
Perhaps the "gold is tacky" aspect is one reason why many chose to bypass it, and go for Platinum.
They know it's quality, but to an outsider it may just look like they are wearing cheap silver.
But they don't feel the need to show off and wear gold.
Gold is, or very easily can be a very tacky and cheap looking, look at me, show off metal.
As I say, a little can be nice, too much and you end up giving off the opposite impression than you think you are trying to achieve.
A Silver or Platinum Apple Watch might be another option