For those who have seen the "Lord of the Rings" trilogy, the creature Golum says a familiar saying throughout his appearances - "My precious....". Golum was speaking about that which consumed his every thought, dream, and desire - waking or sleeping - The Ring of Power. There are many things in The Bible that are called "Precious", like Stones (Ex. 28:17), death of the saints (Ps. 116:15), the law (Ps. 119:72), God's thoughts (Ps. 139:17), wisdom (Pr. 8:11), faith (2 Peter 1:1), and promises (2 Peter 1:4). However, humanity and Jesus have the one thing that stands out above them all - blood, precious blood.
The lives of humanity are valuable to God. Psalm 72:13-14 says, "He will take pity on the weak and the needy and save the needy from death. He will rescue them from oppression and violence, for precious is their blood in his sight." The "needy" physically and spiritually in David's day through the ages 'till today require saving or rescuing. The agreement that God had with His people, when David wrote this, was salvation came once a year through an annual blood covering or blood sacrifice of a lamb, or ox, or goat by the priest.
The word "precious" in Psalm 72:14 is the Hebrew word yaqar (yaw-kar) meaning valuable; make precious; be prized. To me it is a word that encompasses our worth and the price needed to pay for our worth. Now, humanity has, if they choose, a covenant of a complete work of salvation through Jesus Christ of Nazareth. 1 Peter 1:18-19 explains nicely with a little nod to the Old Covenant to help out ("a lamb without blemish or defect") - "For you know that it was not with perishable things such as silver or gold that you were redeemed from the empty way of life handed down to you from your forefathers, but with the precious blood of Christ, a lamb without blemish or defect."
This verses says that the redemption or the restoration of our relationship with God was made with "the precious blood of Christ", the timios (tim-ee-os) meaning objectively - the valuable "blood of Christ" and subjectively - the costly "blood of Christ". The old agreement only covered the sin, much like a tablecloth covers an old wooden dinning-room table that has been in the family for generations and has a damaged, embarrassing stain nobody wants known. The new agreement allows for God's supernatural, stain removing blood to go underneath the tablecloth and cleanse EVERY stain you had, have, or will have. If you haven't already, accept Christ as your Lord and Savior today, accept this "precious Cornerstone" (Isaiah 28:16), this precious blood, Jesus....My Precious.