In a short story, knowledge can be the most precious gift. Imagine a poor village where children had no access to proper education. A traveling teacher came and started teaching them basic reading and writing skills. This knowledge was a precious gift as it opened the door to a better future for those children. They could now hope for better jobs and a more fulfilling life outside of the village.
A second chance can be the most precious gift. Consider a story where a man made a big mistake in his job and was fired. His former boss, believing in his abilities, gave him a second chance. This was a precious gift as it allowed the man to learn from his mistakes and grow both personally and professionally. He worked hard and eventually became very successful in his field.