The striker was sent off in the second half of Saturday's 2-0 win over Swansea City after clashing with Chico Flores which brought about an automatic sanction.
The Hammers appealed the charge but were denied by the Football Association's appeal board and now the east Londoners could take it to the courts as they get set to fight a relegation battle.
"We are hugely disappointed at the outcome of the process," said Gold.
"There is nowhere to go other than to seek some kind of legal redress. It's not ideal, the last thing I want to do is going to some kind of legal issue because I think it is a footballing issue.
"But we are fighting for our lives. If we were mid-table we would probably get on with it but we are fighting for our lives to retain our Premiership status and we owe it to our fans, we owe it to ourselves."
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