The Gold Ring is an Item that the player can give to Merchant Megildus Dreeg in exchange for the Shoes. The cost of the Shoes is always one more then the player has in inventory, so buy the shoes the same run you pick up the Gold Ring.
It first appears in False Kings' Keep, where the Raven can be found holding the Gold Ring in its beak. The Gold Ring can be acquired by approaching the Raven on every screen in which it appears — causing it to fly to a higher screen each time — until it ultimately drops the Gold Ring at the top of Stormwall Pass, where it can be picked up by the player.