The Golden Goal refers to the overtime period in which the next goal wins, therefore it is looked at as golden.
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The golden goal was a rule in soccer where if a goal was scored in extra time, the team that scored it would immediately be declared the winner and the match would end. It was used in some tournaments in the past, but it is no longer in use. The rule was abolished by FIFA in 2004.
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It is the first goal scored in extra time after the game has been tied in normal time. The first team to score a goal in extra time wins the game, with the goal being termed 'golden goal'. This no longer applies. Laurent Blanc scored the first golden goal in World Cup.