Gift is just about a pound (5)
I believe the answer is:
flair
'gift' is the definition.
(flair is a kind of gift)
'just about a pound' is the wordplay.
'just' becomes 'fair' ('fair' is associated in meaning with 'just').
'about' indicates putting letters inside.
'a pound' becomes 'l'.
'fair' placed around 'l' is 'FLAIR'.
'is' is the link.
(Other definitions for flair that I've seen before include "Style, panache" , "Natural talent or panache" , "Style, talent" , "Taste" , "Creative brilliance" .)