The Answer:

Saheb was looking for gold.

Explanation:

- In the story "The Portrait of a Lady" by Khushwant Singh, Saheb is a young boy who lives in a slum in Delhi.
- Saheb's mother works as a maid in a rich household, and Saheb often accompanies her to work.
- One day, while Saheb was waiting outside his mother's employer's house, he saw a portrait of a young lady hanging on the wall.
- Saheb was captivated by the beauty and elegance of the lady in the portrait.
- The lady in the portrait was wearing jewelry, including a necklace, earrings, and bangles, which were made of gold.
- Saheb's eyes were fixated on the gold jewelry, and he couldn't take his eyes off them.
- Saheb was fascinated by the allure of gold and the wealth it represented.
- He had never seen such luxury and opulence before, being from a poor background.
- Saheb desired to possess gold like the lady in the portrait.
- He believed that if he had gold, he would never have to worry about poverty and could afford all the things he dreamed of.
- Saheb's fascination and longing for gold symbolize his desire to escape the poverty and hardships of his life.
- This desire for wealth and material possessions is a common theme in the story, highlighting the stark contrast between the rich and the poor in society.
- However, Saheb's dream of acquiring gold remains unfulfilled, as he is unable to find any.
- The story depicts the harsh realities of life for the underprivileged and the unattainability of their dreams.

Therefore, Saheb was looking for gold in the story "The Portrait of a Lady".