Hole in Metal by Val.©

=Valdesign=

Above your background, create a new layer, name it HOLE, draw a hole with the selection tool and fill it with black.
Add a new layer; name it EDGE, fill it with black. Now get the selection of the HOLE layer. Inverse the selection (Select menu/Inverse) and draw the edges.
Fill it with white

Now with the aerograph tool, create the shadows inside the hole and on the edge.

Use curves (Image menu/adjust) to highlight the white and give it more volume
Now colorize it with the Hue/Saturation panel (Image menu/adjust)
Here's how it should be now

Use the Crosshatch (Filters menu/Brush Strokes) to give it a more metallic aspect.

 

Important : this filter uses the selected colors in the Tools Menus

Add a shadow (Layer menu/Effects) under the edges.
And there ya go.

Close window