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Peru was invited to join the CONCACAF Gold Cup tournament along with Colombia and South Korea. Positioned in Group B of the tournament, Peru started out with a 1–1 tie with Haiti, and a 1–0 loss to the United States. This was enough for Peru to advance and face Honduras, which had ended first in their group. Peru won this quarter-finals match with a 5–3 result. In the semi-finals, Peruvian defenders made a series of mistakes, including an own goal, and the only goal of Peru against Colombia came from Roberto Palacios; Colombia defeated Peru 2–1. Peru placed fourth in the North American competition based on cumulative result.
Over the course of four matches, Roberto Palacios was the only Peruvian to score more than once in the 2000 Gold Cup. At the time, he played for Mexican side Tecos UAG.