While I agree that gold is gaudy if over-the-top, think about the classical nature of the event. America and France have been allies since our founding. Our country wouldn’t exist if not for the help of the French, and I think a dinner replete with all of the ornate touches of gold trim is fitting for such a longstanding friendship, no matter how strained the politics of the heads of state.
Nothing wrong with showing the Europeans that we have nice things here, too.