Step 1

Start a new document. Click on the Custom Shape Tool (U) and Drag +Draw the shape shown

Step 2

Double click the layer or go to Layers->Blending options and apply settings as shown.

Inner Shadow

Bevel and Emboss

Stroke

Step 3

In layers panel hold Ctrl then click on layer of shape to make a selection of it.

Step 5

Now go to Select > Modify > Contract (contract 10)

Step 6

Click on the Gradient Tool Apply settings. first color-e9304 and second color ffb7a5. Draw a gradient as shown.

Step 7

Make a selection of second layer and subtract left side from selection area. Click on image to show bigger.

Step 8

Click on the Gradient Tool and apply color as shown.

Step 9

Your result should be like this :) Good Luck. Click on image to view bigger.