The 22-year-old Satish from Tamil Nadu, had also won gold at 2013 Commonwealth Championships. He lifted a total of 328kg (149+179) to pip the 2010 CWG gold medallist Ravi, who had to be content with a silver medal following an effort of 317kg (142+175).
Australia's Francois Etoundi bagged the bronze with a lift of 314kg (137+177) at the Clyde Auditorium here. Satish's 149kg lift in Sntch lift erased the earlier record of 148kg in the name of of Yuko Peter of Nauru while winning gold in 2010 Delhi.
India ran away with the day's honours in weightlifting as Punam Yadav had won a bronze in women's 63kg earlier in the day with a total lift of 202kg (88+114).
India have now bettered their 2010 CWG performance in weightlifting. India have won nine medals (3-2-4) in weightlifting, one more than the eight (2-2-4) in Delhi.
Both Ravi and Satish performed tactically and began their snatch after most of the other competitors had made their three attempts by keeping the starting weight at 142kg.
Satish was the first of the two Indians to come out and he easily lifted 142kg but Ravi Kumar failed to do so at the same weight. Ravi, however, had a clean lift of 142kg in his second attempt.
England's Jack Oliver then set the tempo for a keen contest as he lifted 142kg in his second attempt but failed to clear 145kg in his third. Satish made another clean lift of 146kg before Ravi made an unsuccessful attempt to go ahead by trying 147kg.
With one lift left for him, Satish went for 149kg in his attempt to break the Commonwealth Games record and he did it yet again in style and punched in the air in delight.
In clean and jerk also, Satish and Ravi followed the same script as they began their attempts by keeping the starting weight high.