Hello Ian,
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Alloys with small amounts of gold can certainly oxidize, but I think it is the copper or silver components that are most affected by the oxidation.
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Yes, in gold alloys it is the "lower" metals which oxidize while the gold is quite inert in such a setting.
However, alloys can exhibit quite a few funny/weird characteristics which need in-depth research to really appreciate them fully.
Regards,
Kai