The "gold fringe" is a ceremonial flag.
I have always thought the gold fringe detracted visually from the flag. It also has a tired look, as if the flag has retired and is fully involved in golf and cruises. Lol.
The unadorned flag can be hoisted on a pole, reins tied off on the saddle horn, the bowie knife clenched between your teeth, one pistol in each hand: you touch the spurs to your mount and ride to the sound of the guns.
But I’m old fashioned in that respect.