A cold cathode ionization gauge includes a first electrode (12) and a second electrode (20) which are spaced apart and insulated from one another and have a common axis. A magnetic field generator surrounds the gauge and applies a magnetic field along the common axis of the electrodes. The magnetic field generator includes at least one pair of opposed axially magnetized magnets (32, 34) adjacent to each other. The magnet arrangement minimizes magnetic flux outside the gauge while increasing the strength of the magnetic flux inside the gauge. The magnetic arrangement also allows the gauge to be ignited in a very high vacuum, thereby extending the operating range of the gauge.