May already mention things that have already been mentioned, but it may help so here goes (bear in mind I have no Cubase in front of me at the moment I may not be 100% accurate):
With all the below info, bear in mind that the Audition track (where the metronome signal is sent to) is on a seperate bus.
* Make sure the Audition track is cranked to 0dBFS. This is the furthest right channel on the mixer (near the master output channel).
* Go in to VST Connections - Click on the "Studio" tab, make sure the "Audition" bus is set up to the correct hardware outputs...
* Make sure the hardware outputs on your interface are connected / routed to your speakers somehow - IF you're not just sending them directly to your speakers. (I've done everything from sending them straight to headphones, to routing them to a mixing desk's aux return and routing it from there accordingly..)
* Make sure the "Metronome set up" page is set up correctly. This is located under the project menu (I think?). Make sure the metronome is either set up to use an adequate, working and existing sample file, OR the built in click.
* Make sure the metronome is NOT using the Tempo Track (by selecting "FIXED" near the metronome activation button on the Transport Bar) - unless of course you WANT to use the Tempo Track, in which case, open it up (again, I think the option is under the project menu) and make sure it's set up right...
* Make sure your tempo isn't ridiculously slow... so slow that you would stop the playback before it hit the first beat ;P though I think cubase has limits on these kind of things...
That's about everything I can think of for metronome problems... hope it helps!