US forward Candace Parker top scored with 21 points and the US men will be aiming to replicate the women’s success when they play Spain on Sunday.
Australia’s women had earlier won the bronze after beating Russia 83-74.
Kristi Harrower was in possession at the final whistle for Australia and the 37-year-old was mobbed by team-mates in her last international appearance.
She scored 21 points and starred in the victory along with Lauren Jackson, who was the top scorer in the game with a 25-point contribution.
Australia had been beaten by the US in the semi-finals but overcame Russia to continue a run of winning a medal in the women’s basketball in the last five Olympics.
They had won silver in the previous three Games and bronze in 1996.