A statement released on the club's official website on Wednesday confirmed that Gold has passed away following a short battle with illness, with his family around him.
Gold was born in east London near to West Ham's Boleyn Ground and was offered the chance to sign for the club as an apprentice in his youth.
A lifelong West Ham fan, he would become joint-chairman of the club in 2010 after selling his shares in Birmingham City the year before.
Included in the club statement are comments from joint-chairman David Sullivan, who said: "On behalf of everyone at the football club, it is with profound sorrow and a heavy heart that we mourn the passing of our colleague and friend, David Gold.
"Of all our joint ventures, none gave us more pride and happiness than the day we took ownership of West Ham United, our Club, in January 2010. David had a long-standing connection with the Hammers, having grown up opposite the Boleyn Ground in Green Street, and represented the Club at junior level. He always wanted what was best for West Ham United, and his passing is a great loss for all of us."
Hammers manager David Moyes also paid tribute to Gold, adding: "I am extremely sad to hear this news and, on behalf of all of the players and my staff at the training ground, I would like to extend our deepest sympathies to David Gold’s family at this very difficult time.
"Mr Gold was a regular visitor to Rush Green and always a source of great support and encouragement to myself and the players. It was clear that he had a genuine and sincere love for the Club and was a true supporter at heart. He took a great interest in the people working behind the scenes and was always keen to help in any way he could. He will be greatly missed."
The statement ends with the club saying a full tribute will take place in due course.