This is a riddle with a twist. Almost all the lines will point you in the right direction, but hidden somewhere in the riddle is a red herring. If you find the right solution, I'll accept your answer, but if you find the red herring and the right solution, I'll upvote and accept. Don't be afraid; the puzzle is still really easy. Good luck!
From the middle of the sun through all the rain,
Colours stretch from money to money.
The very first part of this,
Gives you my first word.
Not him, not it, perhaps his wife?
Or half of either of his parents?
Add to that the precious thing,
Not the three, the seven, or the nine,
To get at last my second word.
Who or what am I?