Good old precious metal (4)

I believe the answer is:

gold

'precious metal' is the definition.
(gold is a precious metal)

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

(Other definitions for gold that I've seen before include "Mine produces this" , "Element (Au)" , "Thin sheet of precious metal" , "gift from a king" , "Wealth; first prize" .)

I've seen this clue in The Sun.

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