The inaugural ceremony will be held at the Carrara Stadium.
The biggest event in its history will run through 11 days.
More than 4,500 athletes from 71 nations and territories will be vying for 275 gold medals at the multi-sport event.
Moreover, for the first time ever, there will be the same number of men's and women's medal events at the Games.
The Indian contingent at the ceremony, which consists of over 200 athletes, will be led by flag-bearer P V Sindhu, the Rio Olympic silver medallist.
The squad also includes double Olympic medallist Sushil Kumar, and London Olympic bronze medallists Mary Kom, Saina Nehwal and Gagan Narang.
The first gold medal of the event will be contested in the women's triathlon on Thursday.
Australia is hosting the Commonwealth Games for the fifth time.