When two gravitating bodies reside in a material medium, Newton's law of universal gravitation must be modified to account for the presence of the medium. A modified expression of Newton's law is known in the literature, but lacks a clear connection with existing gravitational theory. Newton's law in the presence of a homogeneous material medium is herein derived on the basis of classical, Newtonian gravitational theory and by a general relativistic use of Archimedes' principle. It is envisioned that the techniques presented herein will be most useful to graduate students and those undergraduate students having prior experience with vector analysis and potential theory.