Gold has apologised for a newspaper article which claimed he had been denied the chance to remain as chairman at St Andrew's.
Pannu joined Birmingham's board as part of Carson Yeung's takeover when the club was bought from Gold and co-owner David Sullivan, who went on to buy West Ham.
Birmingham were so upset by the article which appeared in the Daily Telegraph on November 5 they banned Gold from St Andrew's for the following day's match between Birmingham and West Ham which ended in a 2-2 draw.
Gold has now issued a statement through the West Ham website which said: "David Gold would like to say he regrets the article that appeared in last Friday's Daily Telegraph, the emotional language he used and any offence this might have caused Mr Peter Pannu."
Birmingham said on its website: "The club welcomes this gesture, which is a correct step forward with regards to mending relationships.
"Acting chairman Pannu is not available for any comment at this stage."