The device is unlikely to be "a totally blinged-out gold," according to TechCrunch's MG Siegler, but a more subtle "champagne" colour - similar to the previously released gold iPod Mini.
A gold iPhone would likely do well in the Chinese and Indian Markets, where the colour is very popular. Once considered gaudy, gold is now reportedly one of the most popular after-market colour adjustments for current iPhones.
Apple has also launched a trade-in programme, in a bid to encourage more users to purchase iPhones through its own stores and to upgrade.
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