Extravagant pair with gold braid (8)
I believe the answer is:
prodigal
'braid' is the definition.
Although both the answer and definition are singular nouns, I cannot understand how one could define the other.
'extravagant pair with gold' is the wordplay.
'extravagant' indicates an anagram (I've seen this in other clues).
'with' says to put letters next to each other.
'pair' put after 'gold' is 'goldpair'.
'goldpair' anagrammed gives 'PRODIGAL'.
(Other definitions for prodigal that I've seen before include "Spendthrift" , "Grip load (anag.)" , "Squandering" , "Extravagant - lavish" , "Profligate" .)