New Zealand's Hayden Godfrey led the field for a time but in the end was pushed out of the medals in the 1000m time trial in opening night action at the velodrome.
Godfrey, the seventh of the 11th riders to tackle the gut-wrenching four-lap timed dash, posted 1m 03.919s to lead at that stage but soon saw his medal hopes dashed as he finished fifth.
Following Godfrey, Scot Craig MacLean was faster through all checks in recording 1m 02.983s but that time lasted as the quickest only until Ben Kersten (Australia) rode 1m 01.815s to take top spot.
England's Jason Queally then pushed MacLean out of second and Godfrey out of medal contention before hot favourite Chris Hoy (Scotland) disappointed in failing to defend his title with a third-best 1m 02.071s and bronze.
The first gold medal was earlier won by world recordholder Anna Meares who needed only 34.326s to claim victory in the 500m time trial.
The top seed, Meares needed to call on all her reserves to topple England's Victoria Pendleton who minutes earlier had dashed hopes of sisterly double when she pushed defending champion Kerry Meares out of top spot.
The New Zealanders Fiona Carswell and Elisabeth Williams completed the disappointing field.
Hayden Roulston, rated the best chance of the three New Zealanders in the 4000m individual pursuit, was comfortably headed by team-mates Jason Allen and Marc Ryan.
Roulston never fired in his ride against England's Paul Manning who posted the fastest time in qualifying.
In riding 4m 30.742s, Roulston finished a disappointing eighth - almost 9s behind Manning and nearly 8s back from Allen who set the track alight early with his 4m 22.941s ride.
"I never got on top of it," said Roulston. "I did not nail it. I'm extremely disappointed but even the greatest riders have off days."
Cycling: Disappointment for Kiwis on the track
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