The champion's standard of goodness (4)

I believe the answer is:

gold

I'm a little stuck... Click here to teach me more about this clue!

'the champion's standard' is the definition.
'gold' can be an answer for 'standard' (gold standard is a kind of standard). I am unsure of the 'the champion's' bit.

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for gold that I've seen before include "Wealth; first prize" , "Colour of archery target's centre" , "Au - metal" , "Valuable metal" , "Mine produces this" .)

I've seen this clue in the Evening Standard.

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