The Roses secured the finest result in their history thanks to Helen Housby's dramatic last-second shot, which gave England a 52-51 victory.
Nigeria on Saturday won bronze in the women's 4x100m relay event of the Commonwealth Games.
Jamaica took the bronze medal with a season best of 38.35 seconds.
Wood drained two long-range efforts towards the end of the third quarter to seize the momentum and put Australia up 38-36, with the Sunshine Coast product playing a vital role in attack in the last term.
It was a task the English team relished as they slowly fought their way back into the match and went 51-50 ahead with a minute to go.
Australia and New Zealand had always played the netball gold medal final at the Commonwealth Games until this year's edition with England winning through to the final.
The England quartet won the gold medal in a time of 42.46 seconds.
"We never got going", coach Lisa Alexander said.
"All I remember was having the ball in my hands and then running away screaming because the final whistle had gone".
"The girls have worked so hard over the last global phase", added Neville, the sister of former England worldwide footballers Gary and Phil.