Does it matter the wire gauge used in interconnects?

Most of you are generally going to use stranded wire conductors, so awg is not so critical.  Of course, you'll have more capacitance issues with larger awg, so don't go super large like 16awg or larger.  Instead, do multiple wires of 20+ awg if you want more wire for less resistance.

If you are using solid-core conductors, then I would say that 20awg is the largest you want to go unless you combine different awg.  Anything larger than 20awg solid-core will start to lose high frequency response.  In my extensive testing, 20awg is the sweet spot if you are only using one size.  22awg has excellent high frequency detail, but loss of bass power.  18awg starts to lose high frequency resolution.

The alternative is to combine different sizes.  You could combine an 18awg and 21/22awg solid core wires.  The smaller wire would provide the high frequency response and the larger wire carries the bass power.  Audioquest speaker wire is designed just like this.

A note on the 18awg VH Audio COPPER airloc that people keep pushing.  Yes, this wire will work fine and sound very clean, but you are STILL going to lose high frequency extension.  I've done lots of testing with this VH Audio wire.  The 18awg COPPER is too big for full range sound.  The 21awg COPPER is okay, but too small to give an open sound with powerful bass.  If you want to go 18awg, the SILVER VH Audio airloc is really good, but very expensive.  For analog interconnect, I would do a combo 18awg + 21awg copper to cover the entire range.  Otherwise, use 20awg Neotech teflon hookup wire.

That being said, it is a personal preference.  I never really liked silver for use in analog interconnects, but I have found it is required for digital cables (S/PDIF, AES/ABU, HDMI, etc.).

no, I'm saying that if you use VH Audio Copper and want to use 18awg, I would pair it with 21awg.  18awg will give you your bass.  the 21awg will provide high frequencies that the 18awg will not do.

If you go all silver, I think the VH Audio 18awg solid-core Silver Airloc will be just fine for bass and high frequencies, but it's very expensive at $40 per foot.  That means a 1 meter pair of balanced interconnects will cost you $800 for just the silver wire.

@ozzy - yup, but you're not getting OCC silver wire.  That's the biggest difference.

Buying your .999 16 gauge silver wire is almost like buying "OFC" or "less than OFC copper".

Plus, the VH Audio uses foamed fluoropolymer insulation, which has the least amount of dielectric absorption in an actual insulation.

yes, air is better than actual insulation.  You can google "Ohno Continuous Cast" to get a better idea of the metal composition.  It's much more expensive to make, but the sound quality is significantly better.