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)

Telegraph Prize Cryptic #3190 | 21 Across | 2022-12-11 flower

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Also seen in

Guardian Cryptic #27616 (2018-09-17)