Recently, several forms of unsupported gold were shown to display a remarkable activity to catalyze oxidation reactions. Experimental evidence points to the crucial role of residual silver present in very small concentrations in these novel catalysts. We focus on the catalytic properties of nanoporous gold (np-Au) foams probed via CO and oxygen adsorption/co-adsorption. Experimental results are analyzed using theoretical models represented by the flat Au(111) and the kinked Au(321) slabs with Ag impurities. We show that Ag atoms incorporated into gold surfaces can facilitate the adsorption and dissociation of molecular oxygen on them. CO adsorbed on top of 6-fold coordinated Au atoms can in turn be stabilized by co-adsorbed atomic oxygen by up to 0.2 eV with respect to the clean unsubstituted gold surface. Our experiments suggest a linking of that most strongly bound CO adsorption state to the catalytic activity of np-Au. Thus, our results shed light on the role of silver admixtures in the striking catalytic activity of unsupported gold nanostructures.