Results of high-pressure infrared (IR) and Raman spectroscopy measurements are presented for the mixed valence compound ${\mathrm{CsAuI}}_{3}$, where Au adopts ${\mathrm{Au}}^{\mathrm{I}}$ and ${\mathrm{Au}}^{\mathrm{III}}$ valency. Raman spectroscopy shows softening with pressure of the vibration modes in the ${\mathrm{Au}}^{\mathrm{III}}$-${\mathrm{I}}_{4}$ square planar units in the tetragonal phase, indicating a similar pressure-induced lattice distortion as found for the closely related compounds ${\mathrm{CsAuCl}}_{3}$ and ${\mathrm{CsAuBr}}_{3}$. Multiple features in the higher pressure spectra confirm that the high-pressure phase has a lower symmetry than the ambient pressure tetragonal structure, consistent with an orthorhombic structure discovered recently by x-ray diffraction measurements. From IR spectroscopy, we observed rapid bandgap closure at a rate of 0.2 eV/GPa in the tetragonal phase of ${\mathrm{CsAuI}}_{3}$, close to the tetragonal-orthorhombic phase transition. The IR reflectivity shows a Drude-like behavior implying metallic conductivity. However, as the compound fully transforms to the orthorhombic phase, the bandgap reopens and the Drude behavior in the reflectivity disappears.