Question: Is it permissible to wear a gold watch or a yellow watch with the color that looks as if it is gold colored?
Answer: This is permissible for the women. As for the men, then this is not permissible if the watch is (made of) gold or is gold-plated due to the statement of the Prophet (Sallallaahu 'Alayhi wa Sallam): "Gold and silk are allowed for the women of my Ummah, but forbidden for its men." 
If it is imitation gold and is not really (made of) gold, it is still better for a man to leave it to protect his honor against accusations of having opposed the pure sharee'ah.
 Sunan at-Tirmidhee
Source: Majmoo' Fataawa wa Maqalaat - Part 8