The thing is the new shield of gold is not "better" than the current version. It's a different ability in terms of it's scope. Currently - Shield of Gold will mitigate damage until it's duration expires. The only cap being the amount of damage absorbed per hit.
New version - max of 3 hit absorbed still with a damage absorbed cap. However, it now has a new damage shield component!
In terms of survivability, how is that better than the current version of Shield of Gold?