Skáldskaparmál's rich catalogue of gold-kennings is explained: Sif's hair, Ægir's fire, the seed of Fýrisvellir, and how each kenning is rooted in a particular myth or event.
Hvernig skal kenna gull? Svá at kalla þat hár Sifjar. Þetta varð til þess er Loki Laufeyjarson klippti af Sif hár allt. Þórr greip Loka ok myndi brjóta bein hans, en Loki sór at fara til Svartalfaheims ok fá gert af dvergum hár af gulli, svá at þat myndi vaxa sem annat hár.
How shall one name gold? By calling it Sif's hair. This came about because Loki son of Laufey cut off all of Sif's hair. Þórr seized Loki and would have broken his bones, but Loki swore to go to Svartalfheimr and have dwarves craft hair of gold that would grow like ordinary hair.
Gull er kallat eldr sjávar, þvíat Ægir er konungr hafsins ok hann átti eld þann er lýsti hans sölum þvíat þar var engin annarr ljósi nema gull brenandi. Þvíat er gull kallat eldr eða ljós eða glær hafsins. Gull er ok kallat sáðr Fýrisvalla. Svá bar til at Hrólfr kraki stróðr gull á Fýrisvöllr til þess at hefta menn sína mótstöðumenn.
Gold is called the fire of the sea, because Ægir is king of the ocean and he had fire that lit his halls, for there was no other light there than burning gold. Gold is therefore called the fire or light or gleam of the sea. Gold is also called the seed of Fýrisvellir. This came about when Hrólf kraki strewed gold over Fýrisvellir to delay his pursuers.
Skaldic quotations
Egill Skallagrímsson: Arinbjarnarkviða 25
Víst mun ek eigi vánar þess er ek af honum þigg; gullbit gefr mér gramr, þótt hann eigi fá galt.
I am surely not without hope of what I receive from him; the prince gives me a bit of gold, though he owns little enough.