Many people think that the most precious metal available in a wristwatch would be platinum or possibly palladium. Surprisingly, that is incorrect. The most precious metal found in watches is probably staring up at you as you glance at the time. I refer to rhodium - often used to impart a good shine to watch hands or dial markers because of it's high reflectance. There's quite a good article on rhodium as it relates to jewelry here.
Today's (1/22/2008) prices for precious metals tell the tale . . .