Toulo de Graffenried returned to Alfa Romeo's four-car line up, in place of Paul Pietsch, having raced for Enrico Platé in France and Germany.
The front row positions on the grid were shared equally between Alfa Romeo and Ferrari, with Fangio, Farina, Ascari and González posting the four fastest qualifying times.
Early retirements for Farina and de Graffenried left José Froilán González in second, behind his teammate Ascari.
The sole remaining Alfa driver, Nino Farina, who had taken over Bonetto's car on lap 30, inherited third place as a result of Fangio's retirement.
Alberto Ascari took his second, and Ferrari's third, consecutive Championship race victory, ahead of British Grand Prix winner González.