The instance name is the same as its hostname, you can just use the $HOSTNAME environmental variable, e.g.:
gcutil setinstancemetadata $HOSTNAME --metadata=<key-1:value-1> --fingerprint=<current-fingerprint-hash>
This works on my instance which was built from the debian-7-wheezy-v20140318 image.
UPDATE: The above works fine on Debian 7 (Wheezy), but on OS's where the HOSTNAME variable is the fully qualified domain name, rather than just the host name, you should use the syntax below:
gcutil setinstancemetadata $($HOSTNAME | cut -d . -f1) --metadata=<key-1:value-1> --fingerprint=<current-fingerprint-hash>