Wales staged a dramatic late fightback to beat Argentina 26-19 and defend the Hong Kong Plate they won last year. Argentina went ahead early on through the prolific Santiago Gomez Cora.
Wales levelled through Wayne Evans, but the Pumas had a 19-5 half-time lead with tries from Gonzalo Camacho and Juan Facundo Barni.
The second period was all Wales though, and tries from Alec Jenkins and Lee Beach set up a thrilling climax that saw Tal Selley's try steal victory.
In doing so the Welsh also kept up an incredible record of winning silverware in each of their last seven IRB Sevens World Series events.
Wales coach Gareth Baber said: "I'm delighted with the way we fought back. I'm very proud of them.
"We showed a lot of character and guile for young men in a very intimidating environment and very difficult situation."
Earlier on Sunday, Wales reached the final with a 22-19 victory against the USA.
Wales also endured a tense finish in that match as the USA scored three late tries after Alec Jenkins was sent to the sin bin.
Baber's side got the defence of their title off to a flying start earlier in the day with a 20-7 victory over Italy.
Cardiff Blues scrum-half Wayne Evans ran in two tries in that win.
Wales are in the Plate after finishing third in Pool B to drop out of the first-tier Cup competition.
After a 33-7 defeat to Tonga on Friday, Wales got back on track on Saturday with a 61-0 thumping of Chinese Taipei.
But Wales were then outplayed by group winners South Africa in their last pool game, going down 31-0.
However, thanks to the number of tries they scored, Wales still qualified for the second-tier Plate competition.
Most of those Welsh tries came in the win over Chinese Taipei, with Scarlets duo Alec Jenkins and Jon Edwards crossing twice, and Tal Selley, Rhodri McAtee, Dai Flannagan, Richard Mustoe and Lee Beach also touching down.
Wales Sevens squad: Jonathan Edwards (capt, Llanelli RFC), Lee Beach (Ospreys), Wayne Evans (Blues), Dai Flanagan (Blues Academy / Pontypridd RFC), Alec Jenkins (Scarlets Academy / Llanelli RFC), James Lewis (Dragons Academy / Bedwas RFC), Rhodri McAtee (Penzance), Rob McCusker (Scarlets), James Merriman (Gloucester), Richard Mustoe (Ospreys), Jamie Roberts (Blues Academy / Cardiff RFC), Tal Selley (Ospreys)
Head coach: Dai Rees
Assistant coach: Gareth Baber
Manager: David Jenkins
Fitness coach: Huw Wiltshire
Physio: Hywel Griffiths