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.’
    • ‘Research in recent years has greatly revised our understanding of the origins of the classical gold standard.’
    • ‘National currencies based on the gold standard were thought to be uniform, leading toward a global monetary 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’
      • ‘The evaluation of any diagnostic tool has to be done in comparison with a gold standard.’
      • ‘Despite their intriguing objectivity and precision, billing records do not provide a gold standard.’
      • ‘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.’
      • ‘Once upon a time, Disney provided the gold standard in family entertainment, from animated fairytales to Mary Poppins.’

Pronunciation

gold standard

/ˈɡōld ˈˌstandərd//ˈɡoʊld ˈˌstændərd/