Pitted against Ok-Hee Yun, a team Olympic champion and individual bronze medallist in Beijing 2008, Deepika took a 4-2 lead but the Korean showed amazing resilience to win successive games and seal the issue 6-4 for her third World Cup gold in Shanghai after 2006 and 2009.
In the recurve mixed team final, the US duo of Brady Ellison and Khatuna Lorig outplayed Talukdar and Deepika 154-146 as India ended their campaign with two silver and one bronze (Women's compound team).
But Yun, who is 10 years older to Deepika, 19, came back in the second set to make it 2-2.
Deepika, who is currently world number 3, took the lead again in the third set (4-2). The Korean put her expertise into use as she bounced back to equalise 4-4. In the final end, Yun shot 9-8, opening the door for Deepika but the Indian archer concluded 9-9-8.
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Needing a perfect 10, Yun showed nerves of steel to shatter Deepika's hope for a second World Cup gold after Antalya 2012.
The US duo increased its lead to 8 points before the last four arrows.
Both teams concluded with four 10s as the US won the gold by a comfortable margin.
Earlier, India had opened their account yesterday with a first-ever World Cup medal in the compound women section when Trisha Deb, Gagandeep Kaur and Lily Chanu P beat their Italian opponents in the bronze medal play-off.