The 27-year-old from Calgary took advantage of solid starts and strong sliding to post a time of one minute 35.732 seconds on the Olympic track for the 1994 Lillehammer Games.
It was Gough's third silver medal of this season, and 21st World Cup medal of her career.
"It was really good today. I definitely fought for it," Gough said. "I don't have a lot of experience here so I just tried to be consistent, and aerodynamic. I'm super happy with how I was able to do because I have not been here very much."
Russia's Tatiana Ivanova won the gold with 1:35.306, while Dajana Eitberger of luge powerhouse Germany slid to bronze in 1:35.753.
"When the Germans are out of Germany they are not as comfortable so it is nice to compete on tracks where it is more of a level playing field," said Gough, a three-time Olympian. "It does go through my head that we are not in Germany so they don't have that advantage, but I don't change my preparation or mindset regardless of where we slide."
Calgary's Kim McRae and Arianne Jones finished eighth and 10th, respectively.
Canada's doubles team of Tristan Walker of Cochrane, Alta., and Justin Snith of Calgary were seventh.
Tobias Wendle and Tobias Arlt won the doubles, ahead of German teammates Toni Eggert and Sascha Benecken. Alexander Denisyev and Vladislav Antonov of Russia claimed the bronze.