Triple Olympic champion Bolt, who comfortably won Friday's 100 in a time of 9.91, did not take part in the 200 but the pair are expected to go head to head over both sprints at next month's Berlin world championships.
Asked whether world record holder Bolt was the favorite for the 100 meters title in Berlin, Gay told reporters: "Of course I don't agree with that.
"He has the 100 pretty technically sound and I'm still working on it, but he knows that I am close to being the only one who can beat him."
The American is the fastest man in the world this year with a best time of 9.77.
However, Gay, who failed to make the Olympic 100 final last year after suffering an injury in the U.S. trials, again faces the prospect of turning up to a major championships not fully fit.
"I haven't trained for a couple of weeks. My groin is a bit tight on me," the 26-year-old said.
"I've just been trying to run through the pain and be tough about it."
Jamaican Bolt was the major draw at the two-day meeting and he delighted the crowd again with a blistering final leg in the 100 relay to anchor his Racers Track Club team to victory in 37.46, the fourth fastest time ever.
On the subject of Gay, he said: "I haven't been watching Tyson Gay run and I know people are saying he's my main threat in Berlin but I don't think about any one person. I just know what I need to do on the track."
Crystal Palace was also treated to two world leading performances in the sunshine.
Ethiopian Tirunesh Dibaba won the women's 5,000 in 14 minutes 33.65 and American Lashinda Demus clocked 53.65 in the 400 hurdles well ahead of a field which included Jamaican Olympic champion Melaine Walker, who was second in 54.55.
Olympic champion Dibaba eased away from fellow Ethiopian Sentayehu Ejigu on the final lap for a comfortable win.
The world record holder, whose main rival for gold in Berlin is likely to be compatriot Meseret Defar, led from just after halfway and was never troubled.
"It felt really good. It could have been much better. I'm still working on putting things together," said Jeter, who finished third at the 2007 world championships, missing out on gold by 0.01 seconds.
Olympic champion Steve Hooker won the pole vault on a countback from American Derek Miles with a disappointing height of 5.70 metres after both failed to make 5.84.
"I was hoping to jump higher today, at my earlier heights I was well clear, the Australian said.
"I've got a few things to work on before Berlin and hopefully I will be all right by then," added Hooker who has a personal best of 6.06 metres set indoors.
There was another Australian victory when Olympic silver medalist Sally McLellan held off a strong field to win the 100 hurdles in 12.65, just ahead of Canada's former world champion Perdita Felicien and American Lolo Jones.
"I felt I could have jumped seven metres. I have an Achilles problem and I didn't want to risk anything with the world championships coming up," Gomes said.
(Editing by John Mehaffey)