Venkat lifted a cumulative total of 310 kg in the Snatch and Clean & Jerk to win the yellow metal. The best effort from the 16-year-old came in the third attempt when he lifted 142kg in Snatch and 168kg in Clean & Jerk style.
He was followed by China's Xingyu Lu with a total 285kg and Pichet Maneesri (280kg) of Thailand on the podium at Nanjing International Expo Centre.
Uzebekistan's Refat Girfanov earned the bronze with a score of 174.7 points.
India's Samarjit Singh too qualified for the final round but could only manage 134 points and finished fifth in the competition.
Indians, who are participating as Independent Olympic Athletes as the IOA is serving a ban, have won two gold, as many silver and four bronze to occupy ninth spot in the medal standings.