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Saina, who had clinched the gold in 2010 Delhi Games but missed the 2014 Games due to injuries, staved off a challenge from Scotland’s Kristy Gilmour, a silver at Glasgow four years ago, 21-14 18-21 21-17 in 68 minutes.
She will play either compatriot P V Sindhu or defending champion Michelle Li of Canada.
Srikanth, playing on court 1, saw off 2010 Commonwealth Games silver medallist Rajiv Ouseph of England 21-10 21-17 in just over half an hour contest.
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Earlier, Ashwini Ponnappa and N Sikki Reddy lost 21-17 15-21 4-21 to Malaysian combo of Mei Kuan Chow and Vivian Hoo in women’s doubles. The duo will now play for the bronze medal against local hopes Setyana Mapasa and Gronya Somerville later in the day.