Good old metal Midas loved (4)

I believe the answer is:

gold

I'm a little stuck... Click here to teach me more about this clue!

'metal midas loved' is the definition.
I can't tell whether this defines the answer.

'good old' is the wordplay.
'good' becomes 'g' (abbreviation).
'g'+'old'='GOLD'

Can you help me to learn more?

(Other definitions for gold that I've seen before include "gift from a king" , "One of the Magi's gifts" , "Colour of archery target's centre" , "Element (Au)" , "Au - metal" .)

I've seen this clue in The Sun.

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