It's not the gold, but co-hosts Italy collected their first medal at the U20 European Championship Men since 1994 in beating Russia 74-63 for the bronze.
Luigi Da Tome (pictured) led the way with 26 points and Pietro Aradori added 11 points for the 1992 gold medal winners and 1994 runners-up.
Israel blew a 20-point lead over the final 16 minutes and allowed co-hosts Slovenia to claim fifth place at the U20 European Championship Men with a 90-81 victory.
Matej Krusic scored 16 points and grabbed 11 rebounds to lead six Slovenians in double figures with Emir Preldzic also scoring 16 points and Rok Perko chipping in 14 off the bench.
Nando De Colo (pictured) scored 18 points and dished out seven assists to help France to ninth place at the U20 European Championship Men with a 91-82 victory over Croatia.
Aaron Cel and Fabien Causeur each added 16 points for the French, who dropped to ninth after sixth-placed showings in 2005 and 2006.
Spain have advanced to their first semi-finals of the U20 European Championship Men since 2002 and already improved greatly on their struggles of 11th, 13th and 11th placed finishes over the past three summers.
One of the biggest reasons for the Iberians' undefeated push to the final against reigning champions Serbia is Spain's balance as a team.
Serbia will have the chance to defend their U20 European Championship Men title after knocking off co-hosts Italy 77-62 thanks to a combined 40 points from Nikola Dragovic and Milos Teodosic.
Milenko Tepic added 11 points and Vladimir Stimac had 12 rebounds as Serbia dominated the first half and managed the game well after the break to head into Sunday's final against undefeated Spain.
Spain advanced to the final of the U20 European Championship Men for the first time since 2002 and third time overall after Pau Ribas scored 21 points including two late free throws to secure a 76-69 victory over Russia.
The 1996 and 2002 silver medallists played a superb team game and in the end overcame a bigger Russian side to reach Sunday's finale in Gorizia as the only undefeated team left in the tournament.
Croatia and France will face off on Sunday for ninth place at the U20 European Championship Men after collecting victories against Lithuania and Georgia, respectively.
Luka Drezga (pictured) scored 30 points and Ante Tomic had 10 points and 10 rebounds in Croatia's 96-82 win over Lithuania.
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