"ماء الذهب" translates to

gold water

in English. However, it[SQ]s important to note that this term can have different meanings depending on the context :

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Literally:

It could refer to water that has gold particles suspended in it, though this is uncommon outside of specific chemical processes.

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Figuratively:

It[SQ]s often used to describe something precious, luxurious, or of high value. It might be used metaphorically to refer to a very valuable opportunity, a rare and wonderful experience, or something else of exceptional quality.

To understand the precise meaning, you[SQ]d need more context about where you encountered the phrase.