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Exactly and they’ve been cheapskates for a long time.

Here is what I found for material content from wiki.

Production and design

The IOC dictates the physical properties of the medals and has the final decision about the finished design. Specifications for the medals are developed along with the National Olympic Committee (NOC) hosting the Games, though the IOC has brought in some set rules:[17][18]

Recipients: The top three competitors receive medals
Shape: Usually circular, featuring an attachment for a chain or ribbon
Diameter: A minimum of 60 mm
Thickness: A minimum of 3 mm
Material:
First place (the gold medal): It is composed at least 92.5% of silver, plated with 6 grams of gold; the metal value was about US$494 in 2010.[19][20] At the 2020 Summer Olympics held in 2021 in Tokyo, Japan, the medal at then-current prices was worth about $800.[21]
Second place (the silver medal): 92.5% silver;[22] the metal value was about US$260 in 2010.[19] At the Tokyo games, the medal was worth $460.[21]
Third place (the bronze medal): In 2010 it was 97% copper with 0.5% tin and 2.5% zinc; the metal value was about US$3 in 2010.[19] At the Tokyo games it was 95% copper and 5% zinc with a metal value of about $5.[21]