The Hand of Midas appeared in Aladdin and the King of Thieves. It has the power to turn anything to gold. Aladdin's father, Cassim, spent much of his life looking for the Hand in the belief that he could use it to help his family, but when he finally found it, he realized that all he had accomplished was taking himself away from his family, prompting him to discard the Hand by throwing it to the bottom of the sea.
It is based on the famous myth of King Midas and the Golden Touch, hence the object's name and ability, which is odd because the story of King Midas is a myth of Greek origin, not Arabian.
It is a solid gold left hand with what appears to be a bronze handle. One must be careful not to touch the actual hand section, or they will turn to solid gold. Only objects that directly touch the hand will be turned to gold. Objects touching the gold created by the hand will not be affected, even if the hand is still touching the gold item, allowing the hand to sink the Forty Thieves' ship after it turned the ship into gold without the transformation affecting the thieves or the surrounding water. It is currently unknown whether or not the Hand of Midas can reverse the effects if a person or object (that touches the actual hand section) is turned to gold.
According to legend, it belongs to the legendary King Midas of Phrygia, who possesses the same power as the artifact: to turn everything he touches into gold. True to said legend, the Hand of Midas, like its tragic namesake owner, who also accidentally turned his young daughter into unfeeling metal, can instantly transform anything that it comes into contact with, into solid auric metal. Anything touched by the Hand of Midas turns to gold, but its bronze handle is perfectly safe.
The power of the Hand of Midas is so great it was even able to transform inanimate objects and living beings into gold, regardless of what state they are in, as it ultimately did to the vicious thief Sa'Luk who was blinded by his own greed.
But in the end, Cassim grows a conscience and realizes his real "ultimate treasure" was his son and tossed the Hand of Midas into the sea. Although Cassim did not seek vengeance against the Forty Thieves for their betrayal, he unintentionally causes their demises as the Hand accidentally lands on their ship, turning it to gold. The solid gold ship proves unseaworthy, and it sinks to the bottom of the sea.