Yes, but not a lot. According to the article by Mike Opelka, the Olympic Gold medal in the last games had 1% gold, 92.5% silver and the rest is copper.
Still, considering the weight of the gold medal, which is about 1 pound and is just over 3 inches in diameter, it is about 4.5 gr of pure gold.
Metal for the medals comes from Rio Tinto’s Kennecott Utah Copper Mine near Salt Lake City and also from Mongolia and they were produced by Royal Mint in South Wales.
Well, there is gold and there is money, so there is IRS. There is calculation that a gold medalist would owe IRS $8,986 based on the value of the medal ($675) plus the $25K bonus if taxed at 35%. However, only few athletes make that much money to trigger 35% tax rate. Besides, actual tax may be less due to business deductions.
Hmm, it is always more to the Olympics than just sports.