Able to carry gold and iron – fine (7)
I believe the answer is:
forfeit
'fine' is the definition.
(I've seen this in another clue)
'able to carry gold and iron' is the wordplay.
'able' becomes 'fit' (similar in meaning).
'to carry' is an insertion indicator.
'gold' becomes 'or' ('or' is the heraldic name for gold).
'and' is a charade indicator (letters next to each other).
'iron' becomes 'Fe' (Fe is the chemical symbol for iron).
'or'+'fe'='orfe'
'fit' enclosing 'orfe' is 'FORFEIT'.
(Other definitions for forfeit that I've seen before include "Fine, penalty; give up" , "Something given up as a penalty" , "Give up or lose the right to something" , "Surrender as a penalty" , "Effort I made to pay penalty" .)