New bottom for American gold capital (6)

I believe the answer is:

nassau

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'capital' is the definition.
(capital of the Bahamas)

'new bottom for american gold' is the wordplay.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'bottom' becomes 'ass' (synonyms).
'for' means one lot of letters go next to another.
'american gold' becomes 'au' (Au is the chemical symbol for gold. I am not sure about the 'american' bit.).
'n'+'ass'+'au'='NASSAU'

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(Other definitions for nassau that I've seen before include "Bahamas cap." , "Port of the Bahamas" , "Caribbean resort" , "Saunas (anag)" , "Bahamian capital" .)

I've seen this clue in The Telegraph.

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