There is already an app which does this. Check this and this blog.
This is what the description says,
The app has an adjustable sensitivity and makes an audible sound
signal if the sensitivity reaches a medium level. The phone needs to
be shook once to be calibrated if you intend to use the device again.
The app makes use of the magnetometer on the iPhone to find
interference with the compass to detect metal objects. Just hover the
backside of your mobile, the area under the camera, over the metal and
the app should find the metal and there should be an increase in
sensitivity.
However I am not sure if it is a fake app or it can be really done this way. Try downloading that and check it yourself. It is a free app.