Topseed, Rafiq edged defending champion and third-seed, Park Jong Woo of Korea, 534-511 in a two-match total pinfall stepladder finals. Park took a 21-pin lead after he beat Rafiq, 266-245 in the first match.
But the 21-year-old Trios silver medallist bounced back brilliantly to win the second match, 289-245 and earned his first-ever Asian Games gold medal. He won the Team silver medal at his first Asian Games in Incheon, Korea in 2014.
Park, who settled for the silver medal, had earlier edged team-mate and second-seed, Koo Seonghoi, 254-245 in the all-Korean semi-final match for a crack at winning a back-to-back Masters gold medal but found his opponent too hot to handle.
Park was extremely lucky to have made the stepladder finals. In the position-round match of the second block Masters preliminaries, he had slipped down to sixth and faced Singapore's Muhd Jaris Goh.