Looking for new metal in clasp (7)
I believe the answer is:
hunting
'looking for' is the definition.
'new metal in clasp' is the wordplay.
'new' becomes 'n'.
'metal' becomes 'tin' (tin is a kind of metal**).
'in' is an insertion indicator.
'clasp' becomes 'hug' (hug is a kind of clasp).
'n'+'tin'='ntin'
'ntin' placed within 'hug' is 'HUNTING'.
(Other definitions for hunting that I've seen before include "Pursuing game" , "Searching; chasing game" , "Simple bell-ringing system; chasing" , "The chase" , "Countryside pursuit" .)