The present invention is directed to a solid, non-wound, golf ball comprising two or more core components, and a cover component. The core components comprise i) a small, inner, high density, spherical center component comprising a blend of powdered metal and a first matrix material; and, ii) an outer core layer disposed about the spherical center component, formed from a second matrix material. The golf ball may further comprise a second or additional outer core layer(s) that surround the first outer core layer. The cover may be single or multi-layered. For a multi-layered cover, the inner cover layer is comprised of a hard, high modulus material and the outer cover layer is comprised of a soft, very low modulus material and/or a non-ionomeric thermoplastic elastomer such as polyurethane, polyester or polyetheramide. Separately, the inner and/or outer cover layers are very thin in construction. The resulting golf ball of the present invention provides for enhanced playability characteristics (i.e., spin and feel) without sacrificing distance or durability properties.