Rana achieved a new Games record score of 583 points to take his overall Commonwealth shooting gold medal tally to eight, equalling the record of England's Mick Gault.
The win also brought Rana level in the gold medal count with his country's top women shooter Anjali Bhagwat, who won her fourth gold on Friday.
"This is my most important (gold) because this is my favourite event," Rana said.
The Indian team's achievements are being feted at home, according to Rana.
Australian Bruce Quick took silver behind Rana with 579 points, while Pakistan's Irshad Ali got bronze with 577.
Australia's Kim Frazer edged out South Africa's Esmari van Reenan to take gold in the women's 50-metre prone rifle.
Both shooters finished on 588 from a possible 600, with the Australian scooping top prize after a count-back.
"I was really lucky on my last string and I got lots of tens that just cut in instead of nines that just miss," said Frazer.
Johanne Brekke of Wales, Susan Jackson of Scotland and New Zealand's Juliet Etherington were tied on 586, with Etherington taking bronze, again by virtue of the countback.
Brekke, who won gold in the women's 50m rifle prone pairs, was left ruing a last-shot miss which cost her a bronze medal.
"I dropped the last shot. If I'd got that I'd have got bronze. It's my own fault," she said.
Canada's Clayton Miller overhauled Scotland's Mike Thomson to take gold in the men's skeet.
Thomson had led the tournament overnight, and despite firing a perfect 25 in the final, Miller's score of 146.1 was enough.
Thomas made 145.2 to ensure a silver medal, while the bronze went to Antonis Nicolaides of Cyprus with 144.3.
Australia took gold and silver in the women's 25-metre sport pistol with Lalita Yauhleuskaya scoring 686.8 to edge out compatriot Linda Ryan.
New Zealand's Jocelyn Lees took the bronze medal.
And there was further joy for India and Australia as they shared the medals in the men's 50-metre Rifle three.
India's Charan Singh scored 1251.5 to take gold, just ahead of Australia's Timothy Lowndes who scored 1251.2. Samuel Wieland of Australia took bronze.