The Aussies stormed out to a 28-13 lead and stretched that to 47-30 by half-time.
They were in command the rest of the way as Sam Richards poured in a game-high 26 points while also grabbing eight rebounds and coming up with four steals.
Jess Foley weighed in with 21 points and Nat Hurst 15.
Russia, who got 24 points from Varvara Psareva, shot just 30% (21 of 70) from the floor, compred to Australia's 38% (26 of 67).
The Russians turned the ball over 17 times, compared to just 10 for Australia.
After the opening day's play when Australia slipped up against Brazil and lost 58-53, few would have expected them to capture gold.
They ended up doing just that, however, winning their next six games.
Australia's senior team beat Russia in the final of the FIBA World Championship for Women ilast year in Brazil.
Polish Women Edge Czechs for bronze
Justyna Zurowska scored 26 points and Izabela Piekarska added 21 to fire Poland's women to an 84-79 bronze medal triumph over the Czech Republic.
The Czechs had a bright start and led 23-16 after the first quarter, but Poland stormed back in the second quarter to lead 37-35.
In a very tight game, they did just enough over the final two quarters to prevail.
Darina Johnova paced the Czechs with 22 points while Katerina Zohnova and Veronika Vlkova weighed in with 17 apiece.
photo Cheltenham jockey club
photo Cheltenham Racecourse