No good dividing gold, renewing his suffering! (7)
I believe the answer is:
anguish
'suffering' is the definition.
(anguish is a kind of suffering)
'no good dividing gold renewing his' is the wordplay.
'no' becomes 'n' (common abbreviation**).
'good' becomes 'g' (abbreviation).
'dividing' means one lot of letters goes inside another.
'gold' becomes 'au' (Au is the chemical symbol for gold).
'renewing' indicates anagramming the letters.
'n'+'g'='ng'
'his' with letters rearranged gives 'ish'.
'au'+'ish'='auish'
'ng' placed into 'auish' is 'ANGUISH'.
(Other definitions for anguish that I've seen before include "Great sorrow" , "Grief" , "extreme pain" , "Great suffering" , "Great (mental) pain" .)