Gold took charge of West Ham in 2010 alongside David Sullivan, and have been instrumental in the club's successes over the last decade.
A West Ham statement read: "It is with deep sadness that West Ham United FC confirm that our beloved joint-chairman David Gold passed away on Wednesday morning following a short illness.
"David Gold, 86, died peacefully with his devoted daughters, Jacqueline and Vanessa, and his fiancée Lesley, by his side."
Sullivan 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."
Manager David Moyes added: "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."
