Gee — ancient and precious stuff (4)
I believe the answer is:
gold
'precious stuff' is the definition.
'gee ancient' is the wordplay.
'gee' becomes 'g' ('g' can be a synonym of 'gee').
'ancient' becomes 'old' ('old' can be similar in meaning to 'ancient').
'g'+'old'='GOLD'
'and' is the link.
(Other definitions for gold that I've seen before include "first gets this?" , "Colour of archery target's centre" , "Element (Au)" , "Mine produces this" , "gift from a king" .)