Kitchen Sink Sprayer Leak

[XR7Guy]

Hello All,
I know it's been awhile but I need assistance. I have a single handle kitchen sink faucet with a pull out sprayer from the faucet head. I would guess this is a Glacier Bay faucet but I can't verify that for sure. Recently I noticed a leak was developing under the sink. After investigating some, I notice I have this piece that appears to be the cause of the problem. See attached picture. It is clamped around the hose that pulls out from the head. I have no idea what it's purpose is or what it is called.
I can run my fingers up and down both sides of the hose and can feel no water residue. It appears this is the culprit. It looks like it can be separated by a single screw and removed. So, what is it and does it really have a purpose??
Thanks Much!!

 

[Twowaxhack]

That’s the weight that helps pull the spray head hose back into its holder.

It’s not the cause of the leak.

The problem is either the hose is leaking or the connection between the hose and the sprayhead is leaking.

If you cant see the joint between the head and the hose leaking then it’s probably a bad spray hose.