It was the closest Basketball final since the USSR beat the USA 51-50, 40 years ago.
Kevin Durant scored 30 points to lead the USA, while LeBron James had 19 and Kobe Bryant 17 as the USA ran out 107-100 winners in front of the likes of Arnold Schwarzenegger, Boris Johnson, David Beckham and Henry Kissinger.
Russia snatched the bronze away from Argentina as they triumphed 81-77 in the dramatic final seconds of the third-place play-off.
Earlier, Uganda's Stephen Kiprotich stunned the Kenyan challenge to clinch a surprise gold medal in the Marathon on The Mall.
The 23-year-old burst past Abel Kirui and Wilson Kipsang around the 38km mark to leave his two rivals trailing and claim only Uganda's second-ever Olympic gold in Athletics.
Kiprotich followed in the footsteps of his compatriot John Akii-Bua, who was 400m Hurdles champion 40 years ago, and crossed the line in 2:08:01.
Kirui took the silver, 26 seconds adrift, and long-time leader Kipsang finished with the bronze.
Russia became the first team in the history of men’s Olympic Volleyball to win the final from two sets down as they stunned Brazil at Earls Court.
For the best part of three sets the Europeans looked a shadow of the side that had demolished Bulgaria in the semis and Brazil picked points at will to lead 2-0 and 22-19.
But Russia then embarked on one of the most staggering comebacks the sport has seen to win 19-25 20-25 29-27 25-22 15-9 and wrap up a fourth Olympic title.
France also created history in the men’s Handball after becoming the first country to retain the Olympic title following a nervy 22-21 victory against Sweden.
France, who won gold at Beijing 2008 and are also reigning world champions, survived a late Scandinavian comeback to seal their place as the greatest team of all time.
Croatia secured their first men’s Water Polo Olympic gold medal with an 8-6 victory over Italy.
The Balkan outfit have been the outstanding side of the London 2012 tournament, with eight wins from eight matches, and end it as worthy champions.
Ukraine's Vasyl Lomachenko won his second Boxing title after outclassing Soonchul Han in the men's Light Weight final at the ExCeL.
The champion from the now-defunct Feather Weight division, regarded by some as the world's best amateur, romped to a 19-9 victory over his Republic of Korea opponent.
Cuba's Robeisy Ramirez Carrazana was earlier crowned Fly Weight champion after beating Tugstsogt Nyambayar.
Carrazana, 18, won by a score of 17-14 over his older Mongolian opponent in what was an exciting contest.
Kazakhstan's Serik Sapiyev claimed the Welter Weight crown with a 17-9 win over home favourite Fred Evans.
Russia's Egor Mekhontcev took Light Heavy Weight gold after the tightest contest possible against Kazakhstan's Adilbek Niyazymbetov.
The bout was scored 15-15 and the fighters could not even be separated by countback, with Mekhontcev winning courtesy of the judges’ individual preference.
The final bout of the Olympic Boxing competition had those in the ExCeL on their feet as Britain's Anthony Joshua survived an Italian appeal to beat defending Super Heavy Weight champion Roberto Cammarelle on countback.
Japan won their first male Wrestling gold in 24 years as Tatsuhiro Yonemitsu defeated India's Sushil Kumar in the final of the 66kg Freestyle.
Kumar, a railway worker from Delhi, was looking to become India's first-ever Olympic champion wrestler, but Yonemitsu overcame him 1-0 3-1 to record a historic win for Japan at the ExCeL.
Jake Varner of the United States took the 96kg men's Freestyle title.
Russia won their fourth consecutive gold in the Rhythmic Gymnastics Group competition after two stunning performances in the final at Wembley Arena.
The final piece of Gymnastics action at London 2012 did not disappoint, with Russia scoring 28.700 in their five balls routine before 28.300 with the ribbons and hoops earned them a total of 57.000 to retain their title. Belarus (55.500) won silver ahead of Italy (55.450) in bronze.
The final gold medal of the London 2012 Games went to Lithuania courtesy of Laura Asadauskaite in the Modern Pentathlon. Britain’s Samantha Murray finished second ahead of Brazil’s Yane Marques.
With the sport complete, attention then turned to the spectacular Closing Ceremony, as the world bid farewell to London 2012 - a truly memorable Olympic Games.