Internal alkynes have been shown to undergo oxidation to substituted benzils (1,2‐diarylethane‐1,2‐diones) by α‐picoline N‐oxide in the presence of Ph3PAuNТf2 (5 mol‐%). In addition to the unsubstituted benzil, the method allows preparing, under markedly mild conditions (50 °C in chlorobenzene), various non‐symmetrical products, including heteroaromatic versions thereof which are much more difficult to obtain otherwise. This gold(I)‐catalyzed transformation was integrated into one‐pot reaction sequence delivering a range of 5‐ to 7‐membered ring systems (imidazoles, quinoxalines, 1,2,4‐triazines, pyrazines, and 1,4‐diazepines), thus linking these important heterocyclic motifs to the internal alkyne reagent space.