The Londoner opened up a 46-point lead with Allen only able to watch from the sidelines.
When Gould did miss a shot the Northern Irishman was unable to capitalise, allowing the 31-year-old the chance to slot home a break of 58 and secure the trophy and a cheque for £32,000.
"It feels fantastic," said Gould. "It's been a great weekend, I'm £32,000 richer and I've got a nice trophy.
"Winning any TV event is great, I'll have to ask Barry Hearn to use a shot clock in all tournaments, then I might have a chance of winning a ranking event!
"I'm one of the quicker players, I'm quick thinking and I like to get on with it. I've got a pool background where we had a shot clock so I'm used to it."
On the final, he added: "I probably felt more calm in the final than any other match. The money is nice when it goes into the bank but that didn't bother me. I just had the same philosophy all the way through: if you win you win, if you lose you lose.
"It would be nice to get a major under my belt this season, I'll keep practising hard and doing the right things."
Earlier, Allen booked his place in the final with a remarkable final-ball finish against Stephen Maguire.
Allen raced ahead in the match with a 51 break only for Maguire to level things at 53-53, but he was unable to convert a tough black in the final minute.
His miss proved costly as Allen sank the pot from distance to cap a thrilling semi-final.
Gould, who had ousted former champion Nigel Bond in the last 16, followed Allen into the final with a comprehensive 77-6 triumph over Michael Holt.
Holt thought he had played a safety shot to perfection, but much to his astonishment Gould slotted home a red which also allowed him to pot the pink.
He could only watch on as Gould managed a 71 break which left Holt requiring four snookers in the last two minutes of the match, a feat that proved impossible.
Defending champion Barry Hawkins had earlier bowed out in the quarter-finals to Maguire.
It was Gould's second triumph in a tournament with a shot clock as he also won the Power Snooker Masters in 2011.