Tears of Gold are wept whilst the Chosen One is wearing the Mask Of Anubis. They are the final ingredient for the recipe for the Elixir of Life. Nina Martin got a ring from Victor's Father and was instructed to give it ring to his son. Victor opened the ring and found one more Tear of Gold. This was ended Season 2 on a cliffhanger, though it is unknown what happened to the Tear or how Victor used it after the finale. Had Nathalia Ramos stayed on as Nina Martin in Season 3, it is possible that the season story arc would have revolved around the Tear.
The Mask of AnubisWhen Nina wore The Mask of Anubis, it started weeping Tears of Gold. However, when Rufus Zeno wore the mask he went to the Underworld, Inferno or Hell because he didn't have a pure heart, and you can't positively wear the mask without a pure heart. This is maybe a sign that Senkhara wanted Nina to wear the mask so she could go to the afterlife since unlike Senkhara, Nina was pure of heart. The tears Nina wept were given to Joy, by Victor to save her life in the final episode of Season 2.
The tears seem to be made of a semi-solid liquid, as they are capable of holding shape. If this is the case, then the Tears of Gold do not consist of gold or water.
In the Season 2 finale, the episode ended on a cliffhanger with Victor opening his ring to find one last tear of gold. It was expected to make this cliffhanger resolved in Season 3, but it was not. It was also expected to be resolved in the 90-minute movie, The Touchstone of Ra. However, it was not. Victor left Anubis House in the movie so this could probably mean that the cliffhanger will never be resolved. Although, it is possible that Victor left Anubis House to go to America, to find Nina, since her protector, Eddie, is no longer her Osirion, but it's unlikely.