It is forbidden for men to wear gold, regardless of whether it is for a watch, a ring, or a chain. This is due to the generality of the saying of the Prophet (sallAllaahu `alayhi wa sallam)
أحل الذهب والحرير لإناث أمتي وحرم على ذكورها
"Gold and silk are permitted to the women of my nation, forbidden to its men." (An-Nasa'i no. 5 151 , At-Tirmithi no. 1720 and Ahmad 4/394, 407)
And he (sallAllaahu `alayhi wa sallam) also said,
نهى عن خاتم الذهب
"Men have been forbidden from wearing gold rings." (Abu Dawud no. 4044 and At-Tirmithi no. 1738)
Recorded by Al-Bukhari and Muslim from Al-Bara' bin 'Azib, may Allaah be pleased with him.
When the Messenger of Allaah (sallAllaahu `alayhi wa sallam) saw a man with a gold ring on his hand, he removed it and hurled it onto the ground. He then said,
يعمد أحدكم إلى جمرة من نار فيجعلها في يده
"One of you takes to an ember from the Fire and then puts it on his hand!" (Muslim no. 2090)
Recorded by Muslim in his Sahih from a Hadeeth of Ibn 'Abbas, may Allaah be pleased with them.
The gold wedding band is like any other gold ring in that it should be removed if it is made from gold. And it has no effect when it is removed; whoever believes that it affects the marriage is blatantly wrong. Additionally the usage of the wedding band is an innovative practice which has no basis, and the Muslims should leave this practice, which at the very least is disliked.
We ask Allaah to guide all of the Muslims to all that is good and protect them from whatever goes against the pure Shar'iah.