Definition of gold standard in US English:

gold standard

noun

  • 1The system by which the value of a currency was defined in terms of gold, for which the currency could be exchanged. The gold standard was generally abandoned in the Depression of the 1930s.

    Compare with silver standard
    • ‘The British thereby laid the basis for what was to become the world monetary system based on the gold standard and bank notes.’
    • ‘An international financial system based on the gold standard emerged during the nineteenth century.’
    • ‘The classic gold standard was a monetary regime constructed to preserve financial and economic stability.’
    • ‘National currencies based on the gold standard were thought to be uniform, leading toward a global monetary standard.’
    • ‘Research in recent years has greatly revised our understanding of the origins of the classical gold standard.’
    1. 1.1 The best, most reliable, or most prestigious thing of its type.
      ‘you can't rely on lab tests as being the gold standard’
      • ‘Despite their intriguing objectivity and precision, billing records do not provide a gold standard.’
      • ‘Once upon a time, Disney provided the gold standard in family entertainment, from animated fairytales to Mary Poppins.’
      • ‘Rarely, pain scores are validated against other pain scoring systems, but we have no gold standard for comparison.’
      • ‘This type of process may then be used as best practice, serving as a gold standard to be implemented in other facilities.’
      • ‘The evaluation of any diagnostic tool has to be done in comparison with a gold standard.’

Pronunciation

gold standard

/ˈɡoʊld ˈˌstændərd//ˈɡōld ˈˌstandərd/