Watches -- Times Square, but BE CAREFUL. I bought a Cartier there three or four trips back, "bargained" him down to $7000 US. Came home, found out I purchased a discontinued model, could have gotten on eBay for $6500. It was $12,000 in store, so still a bargain, but they do not always have the newest stuff. One of the other jewelers has been trying to sell me the same tired Panera for the last 5 years. Don't bother to buy a movado there, they are cheaper in the states, and you'll only find Rolex in Ocho Rios. If you plan on buying anything of good quality in this area, just do your research, and don't buy it blindly.
Gold -- Times Square, and you may get good bargains now that prices are dropping. Again... Be careful and do your research. We bought the wife an 18k gold bangle with 7 carats of tanzanite and 3 carats of diamonds for a steal before gold prices shot up... Came home, it appraised for quadruple what we paid. Took her three days of bargaining, but the original price quoted in the shops is almost always a starting point for non name brand stuff. If you are buying Tiffany or other name brand gold, not too much bargaining room.
My tip, to add to gap639's, is that when you go out, make a "wish list". Return to the resort, and Google your brains out (then search on the web...lol?), THEN decide if the price is right.
The bottom dollar prices they give you will have the bottom fall out of them as you walk away from the transaction with your knowledge. The watch I'm wearing now is STILL 600 more online than I paid for it a couple of years ago.