The former Cameroon international midfielder has yet to make an appearance for the Hammers this season due to injury.
However, Song, who joined the London outfit on a season-long loan deal from Barcelona in the summer transfer window, is back in training.
Gold is confident that the former Arsenal star will get back to his best once he is fully fit.
“I am thrilled that Alex Song is back in training because he is a key member of our squad,” the 79-year-old wrote on West Ham’s official website.
“We have got every confidence in Alex and we believe he will be the player that produced such great form in the first half of last season.
“If he does manage to do that and performs at that level for the rest of the season, we have got a serious player who will contribute enormously to the team.”
Song struggled with poor form during the second half of last season, but he was superb in the opening months of the 2014-15 Premier League campaign.
West Ham are doing well without the former Bastia man, though, and appear to be in the running for a top-four finish in the Premier League this season.
Slaven Bilic’s side are sixth in the league table at the moment with 20 points from 11 matches, just a point behind fourth-place Manchester United.