ok assuming the wrought iron was originally black (which it is around here), there are several levels of weathering.
new = flat black paint with a hint of light grey or white added
been outside for a bit = "new paint above" with a very faint light grey wash for your average wrought iron finish
add a light dry brushing of white and then rust to create a neglected look.
when drybrushing I would concentrate the white on detail areas as these would fade faster (dunno why, there is a wrought iron place near my house and the stuff they put out front always has whiter detail) also a light white wash that was allowed to settle in the detail would do good... faint drybrushing of white over the rest... pick out some rust with a tiny brush...
that should do it!
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if it is not black I would start with a dark aluminum with a diluted dark wash on the detail and go from there like above...