The 35-year-old looked to have a good chance of avenging last year’s defeat in the final to the Dutch darter after taking an 8-6 lead at Coventry’s Ricoh Arena.
Price, crucially, then missed two darts to go three legs up in their best of 21 leg clash.
I’m a firm believer in never winning a TV event just before the World Championships, it’s very rare to win two TV events in a row. Gezzy will rest up and come back fired up for the Ally Pally.@Gezzyprice
— Andrew Devonshire 🏴 (@A_Devonshire180) November 29, 2020
But the world No 1 van Gerwen responded by taking the leg before reeling off five legs in a row to reach the final.
Price, who pocketed a cheque for £25,000, had been involved in another thriller in his quarter-final with Joe Cullen.
The Markham marksman hit a 14-darter against the throw in the deciding leg to win 10-9 having been 4-1 down earlier.