Two first-half goals from Dwight Gayle had deservedly put the Magpies in complete control on a freezing afternoon on the south coast, as the home side struggled to make an impression.
Newcastle squandered opportunities to extend their advantage before a stunning strike from substitute Adam Smith halved the arrears.
The Cherries suddenly looked a team transformed and they were back on level terms when Gosling pounced in the dying moments, ensuring they remain above Newcastle in the Premier League table.
Here are three talking points…
Smith inspires the comeback kings
Boos echoed around the Vitality Stadium when referee Roger East whistled for half-time, with the hosts two goals adrift following a lethargic performance.
Newcastle were good value for their lead, picking off the Cherries on the counter-attack to great effect.
Bournemouth needed a spark and that came from Smith, who replaced the ineffective Charlie Daniels at the break.
Smith’s boundless energy and marauding runs were just what Eddie Howe’s men needed to engage the crowd.
His first goal of the campaign came right out of the blue, with the purity of the strike leaving Newcastle goalkeeper Martin Dubravka rooted to the spot as it went in off the underside of the crossbar.
It was the catalyst for a comeback that has been a regular occurrence at the Vitality.
No Premier League side has collected more points from losing positions than the Cherries this season and this spirit came to the fore once again as Gosling made sure the points were shared.
Gayle rediscovers his goalscoring touch
After a spell of 11 Premier League games without a goal, much like London buses, two came along in quick succession for the Newcastle striker.
Both owed to his positional awareness (as well as unnecessary defensive errors from Bournemouth).
Gayle’s first, a cheeky back-heel after his initial effort had been blocked, rocked the home side.
And the former Crystal Palace frontman found himself well placed to double his account in first-half stoppage time when a cutback from the right inexplicably slipped underneath the hands of Asmir Begovic.
Gayle had a further three attempts as Newcastle searched for the goal that their endeavours merited but to no avail.
Despite being on a hat-trick, he was substituted on 78 minutes with his team on course for victory.
It looked like job done, but there was a late twist and he had to watch on helplessly as Bournemouth mounted a dramatic comeback.
Newcastle are still in a relegation dogfight
Victory for the Magpies would have lifted them four points clear of the drop-zone, with 10 games remaining.
However, their failure to hold on to a two-goal lead means only a couple of points separate them from 18th-placed Swansea City.
Make no mistake, Newcastle dominated the majority of this clash, which must make it all the more frustrating for manager Rafa Benitez and the club’s travelling supporters, who had made the long journey to Dorset and supported their team in great voice throughout.
Jonjo Shelvey was an instrumental figure for Newcastle but he spurned a gilt-edged chance to kill off the game, moments before Smith reduced the deficit.
Benitez should be encouraged with his side’s display, which built on the morale-boosting victory over Manchester United a fortnight ago, but he will rue the late collapse that saw them drop two points.
As the battle for survival increasingly looks like going down to the wire, it could prove costly.