Is gettimeofday() guaranteed to be of microsecond resolution?

Maybe. But you have bigger problems. gettimeofday() can result in incorrect timings if there are processes on your system that change the timer (ie, ntpd). On a "normal" linux, though, I believe the resolution of gettimeofday() is 10us. It can jump forward and backward and time, consequently, based on the processes running on your system. This effectively makes the answer to your question no.

You should look into clock_gettime(CLOCK_MONOTONIC) for timing intervals. It suffers from several less issues due to things like multi-core systems and external clock settings.

Also, look into the clock_getres() function.

High Resolution, Low Overhead Timing for Intel Processors

If you're on Intel hardware, here's how to read the CPU real-time instruction counter. It will tell you the number of CPU cycles executed since the processor was booted. This is probably the finest-grained counter you can get for performance measurement.

Note that this is the number of CPU cycles. On linux you can get the CPU speed from /proc/cpuinfo and divide to get the number of seconds. Converting this to a double is quite handy.

When I run this on my box, I get

11867927879484732
11867927879692217
it took this long to call printf: 207485

Here's the Intel developer's guide that gives tons of detail.

#include <stdio.h>
#include <stdint.h>

inline uint64_t rdtsc() {
    uint32_t lo, hi;
    __asm__ __volatile__ (
      "xorl %%eax, %%eax\n"
      "cpuid\n"
      "rdtsc\n"
      : "=a" (lo), "=d" (hi)
      :
      : "%ebx", "%ecx");
    return (uint64_t)hi << 32 | lo;
}

main()
{
    unsigned long long x;
    unsigned long long y;
    x = rdtsc();
    printf("%lld\n",x);
    y = rdtsc();
    printf("%lld\n",y);
    printf("it took this long to call printf: %lld\n",y-x);
}