What does the cryptic crossword clue "Colours fade (4)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Colours fade (4)

Guardian Cryptic #27616 | 12 Across | 2018-09-17 flower

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Telegraph Prize Cryptic #3190 (2022-12-11)