1) A leather glove with studs, used for punching, slapping, or setting challenges. In the days of old when knights were bold, a gauntlet would be thrown on the floor as a challenge. If someone picked up the gauntlet, they would accept the challenge of competition in 2)
2) A jousting competition, whereby knights on horseback would have 5 lances to attack eachother with, and one broadsword. They would wear the colours of a lady, and defend the honour of a kingdom.
I challenge ye, sir knight, to take the gauntlet.