From MC Public Wiki

Code

<span style="color: {{{1}}};">{{{2}}}</span>

Usage

{{color|your_color|your_text}} your_color can be any recognized color name, or the RGB or Hex. Red, rbg(255,0,0) and #FF0000 all net the same result. List of color names and Hex equivalents, RGB can be found on nearby pages

Note

Those familiar with CSS will note that you could add more CSS code in place of your_color, as long as a color is specified first, and you are aware of the final semicolon.