Step 1: Understand the role of magneson reagent.
Magneson reagent is used as a qualitative reagent for detecting magnesium ions:
\[
Mg^{2+}
\]
Step 2: Formation of precipitate.
When magnesium ions react in alkaline medium, magnesium hydroxide precipitate is formed:
\[
Mg^{2+}+2OH^-\rightarrow Mg(OH)_2
\]
In the presence of magneson reagent, this precipitate develops a characteristic blue color.
Step 3: Identify the color.
Thus, the precipitate formed is:
Blue
Step 4: Final conclusion.
Hence, the color of \(Mg(OH)_2\) precipitate in presence of magneson reagent is
\[
\boxed{\text{Blue}}
\]