The combination of (p-CF3C6H4)3PAuCl and AgOTf generates a powerful catalyst for the intramolecular cyclizations of readily available γ-hydroxyalkynones under mild conditions. The substituted 3(2H)-furanones are obtained in 55−94% yields. This method is also applicable to the preparation of 2,3-dihydro-4H-pyran-4-ones.