gold standard synonyms, gold standard pronunciation, gold standard translation, English dictionary definition of gold standard. In a gold standard driven system, the value of the currency and therefore the state of the economy was beholden to the nation’s federal gold supply. Learn more. Under the gold standard, the government can only print as much money as its country has in gold. Proponents of a gold standard say it provides a self-regulating and stabilizing effect on the economy. The paper currency holders used to convert their money in gold with proper authentication because it was gold that was used in case of any monetary exchange. Define gold standard. Gold was used as a base, because it was durable, rare, and almost universally valued. n. 1. When used in the context of laboratory testing for assessment or diagnosis, a gold standard test is the one accepted by most professionals as the most reliable and accurate. 2. A central bank could not create unlimited quantities of money at will, as there is a limited supply of gold. The gold standard makes chronic deficit spending by governments more difficult, as it prevents governments from inflating away the real value of their debts. The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set, fixed quantities of gold. When the gold standard was in place, an individual could present a $10 bill to a federal bank and receive $10 worth of gold in return. A gold standard in clinical research and testing refers to a methodology or benchmark that has been designated as the most accurate for a specified test or process. The price of gold became a barometer for the underlying value of an economy. The gold standard is a monetary system in which a nation’s currency is pegged to the value of gold. The gold standard is a monetary term used when there was a system of gold exchange in lieu of the paper currency. With the Gold Standard, a country cannot issue any new money without matching that money with its value in gold. 12 synonyms of gold standard from the Merriam-Webster Thesaurus, plus 13 related words, definitions, and antonyms. gold standard meaning: 1. a system of providing and controlling the exchange of money in a country, in which the value of…. gold standard definition: 1. a system of providing and controlling the exchange of money in a country, in which the value of…. A monetary standard under which the basic unit of currency is equal in value to and exchangeable for a specified amount of gold. The benefit of a gold standard is that a fixed asset backs the money's value. Find another word for gold standard. Learn more. Gold standard: something set up as an example against which others of the same type are compared. 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