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Understanding how light interacts at the nanoscale with metals, semiconductors, or ordinary dielectrics is pivotal if one is to properly engineer nano-antennas, filters and, more generally, devices that aim to harness the effects of new physical phenomena that manifest themselves at the nanoscale. We presently report experimental results on second and third harmonic generation from 20nm- and 70nm-thick gold layers, for TE- and TM-polarized incident light pulses. We highlight and discuss for the first time the relative roles bound electrons and an intensity dependent free electron density (hot electrons) play in third harmonic generation. While planar structures are generally the simplest to fabricate, metal layers that are only a few nanometers thick and partially transparent are almost never studied. Yet, transmission offers an additional reference point for comparison, which through relatively simple experimental measurements affords the opportunity to test the accuracy of available theoretical models. Our experimental results are explained well within the context of the microscopic hydrodynamic model that we employ to simulate second and third harmonic conversion efficiencies, and to simultaneously and uniquely predict the nonlinear dispersive properties of a gold nanolayer under pulsed illumination. Using our experimental observations and our model, based solely on the measured third harmonic power conversion efficiencies we predict |chi3|~10^(-18)-10^(-17)(m/V)^2, triggered mostly by hot electrons, without resorting to the implementation of a z-scan set-up.