Favourite has lead perhaps — it could mean gold (8,5)
I believe the answer is:
precious metal
'it could mean gold' is the definition.
(gold is a precious metal)
'favourite has lead' is the wordplay.
'favourite' becomes 'precious' (precious can mean favourite or beloved).
'has' is a charade indicator (letters next to each other).
'lead' becomes 'metal' (lead is a metal).
'precious'+'metal'='PRECIOUS METAL'
'perhaps' is the link.
(Other definitions for precious metal that I've seen before include "gold, perhaps" , "Platinum, perhaps" , "Eg gold, silver or platinum" , "no lead!" .)