Yes sir. A few people on reddit tried it on their VSF yellowgold (and also their ARF yellowgold) with good results. But Streetfighter here hit his VSF yellowgold with some cloths too. Scroll down
this page and you can see where he lightened the left side of his watch and then the whole watch. Such a nice colour imo.
Silvo and a very similar product called Brasso wadding cloths both have the same result visually but silvo is a little bit less abrasive apparently so hit it with silvo if you get a chance.