Shade of gray or blond

ASH

This color is often associated with the remains of a fire.

The clue "Shade of gray or blond" points to "ASH" because ash is a light gray color, like the residue from burned wood, and it can also describe a pale blond hair color. The wordplay is straightforward, using the dual meanings of "ash" to fit both parts of the clue. It’s a simple but clever way to hint at the answer without being too obscure.