The Black Sticks women will not be defending their title after a heartbreaking penalty shootout defeat to hosts England.
After an arm-wrestle of a match finished 0-0, New Zealand failed to convert on four shootout attempts with England goalkeeper Madeleine Hinch too good to get past.
Hope Ralph, Rose Tyman, Katie Doar, Olivia Shannon were all denied by Hinch in the shootout while England's Isabelle Petter scored on her side's third attempt before Sophie Hamilton secured England's spot in the final by sneaking her attempt by Grace O'Hanlon.
"Sport can be an absolute beauty and it can be a beast - and it's a beast of a day for us today," captain Megan Hull told Sky Sport following the defeat.
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"There's a lot of hurt and a few shattered hearts out there. We'll go home tonight and take the time we need, but I know the character of our group and I know we'll be back fighting for that bronze."
An emotional Hill was more than satisfied with the efforts of her team, saying it was a remarkable feat to stay in the game against England.
"One word that comes to me is proud, because that performance out there tonight was nothing short of incredible from our girls."
Earlier in the match, yellow cards shown to Ralph and Tyman hampered the Black Sticks' attempts to break the scoreless deadlock as part of a match dominated by superb circle defence.
England had the better goal-scoring chances during regular time and had more shots at goal compared to the Kiwis, however the defending champions showed great mettle to stay in the game and take it to the shootout.
However, England exacted revenge for their loss in the same situation in the draw as the 2018 edition of the Games, this time defeating New Zealand to claim a chance at the gold medal.
World no.8 New Zealand will now play world no.9 India for the bronze in what promises to be another tight encounter after India pushed Australia all the way to a shoot-out in their respective semifinal, Australia eventually coming out on top.