Gut finished the race at Cortina in 1 minute, 27.81 seconds, 0.12 faster than Tina Weirather of Lichtenstein and 0.61 ticks ahead of Germany's Maria Hoefl-Reisch.
"It is a good feeling to win today," Gut said after taking the podium for the sixth time this season. "I started the season so strong with four podiums in the early races, but then the tour came back to Europe and I never was seen on the podium again."
The win moved Gut into fourth place in the World Cup overall standings with one more weekend to go before the Winter Olympics. Hoefl-Reisch remained solidly in the lead.
Verna Stuffer of Italy took fourth place and resurgent Tina Maze of Slovenia came in fifth.
Stacy Cook was the top U.S. finisher with a 13th place in the snowy, tricky conditions. Cook, who finished fifth in the downhill on Saturday, was clocked at 1:29.35.