Color Palette for Formal Living Room:

1. Color Name: Ivory
   Hex Code: 
                            
                            #FFFFF0
                        
   Description: A soft and elegant off-white color that adds a touch of sophistication and warmth to the living room.

2. Color Name: Silver Gray
   Hex Code: 
                            
                            #C0C0C0
                        
   Description: A light gray shade that brings a subtle and calming presence to the room, creating a sense of tranquility.

3. Color Name: Navy Blue
   Hex Code: 
                            
                            #000080
                        
   Description: A deep, rich blue hue that adds depth and drama to the living room, creating a formal and refined atmosphere.

4. Color Name: Charcoal
   Hex Code: 
                            
                            #36454F
                        
   Description: A dark grayish-blue color that pairs well with navy blue, adding contrast and sophistication to the overall palette.

5. Color Name: Burgundy
   Hex Code: 
                            
                            #800020
                        
   Description: A deep, red wine color that adds a touch of elegance and richness, creating a luxurious and formal ambiance.

6. Color Name: Gold
   Hex Code: 
                            
                            #FFD700
                        
   Description: A warm and radiant golden shade that adds a touch of opulence and glamour, perfect for accentuating certain elements in the room.

This color palette combines soft neutrals with rich, deep hues to create a formal and sophisticated atmosphere in a living room setting. The combination of ivory, silver gray, navy blue, charcoal, burgundy, and gold provides a balanced mix of light and dark tones, offering a visually pleasing and harmonious color scheme.