Gleirscher's win was Austria's first in men's luge in 50 years.
American Chris Mazdzer is in fourth place, just a thousandth of a second out of third place.
Mazdzer put together two phenomenal runs to climb from fourth to third in runs 3 and 4 to win the silver medal in men's singles luge - the first men's singles luge medal in USA history.
Germany's Johannes Ludwig won the bronze, his compatriot Loch finishing a scarcely believable fifth, ending eight years of Olympic dominance, with his bid to match compatriot and mentor Georg Hackl's 1990s hat-trick in ruins.
"Hi everyone this is United States luge racer Chris Mazdzer ok bye", Buzzfeed reporter David Muck brought Mazbdzer's good looks to the internet's attention on Saturday.
Loch, who also won gold with the German relay team in Sochi, still stands a chance of becoming the first luger to win four Olympic gold medals as a member of the relay team in Pyeongchang.
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"It wasn't my year, but that's the best thing about the Olympics", Mazdzer said.
"It's 16 years in the making", Mazdzer, a three-time Olympian, told NBC afterward.
Mazdzer finished 13th in two previous Winter Games, so this was quite a step up. His solid final run then shored up his claim on silver.
Since Keshavan finished outside the top 20 after three runs, he did not get to compete in the fourth and final run, which decided the medals.
The U.S. had already medaled in women's singles luge - Erin Hamlin was the first to do so, winning bronze in 2014 - as well as doubles luge. Germany has dominated the luge event historically, and it looks like they're positioned well to walk away with the gold medal once again. "We like bronze, we like silver".