Abarim Publications' online Biblical Hebrew Dictionary
Dictionaries commonly list two separate roots of the form פזז (pazaz), but these may in fact be extensions of each other. The relation between the two is difficult to assess because they are used infrequently, but it appears that both reflect a kind of skill, artistry or agility:
The verb פזז (pazaz I) occurs only once, in 1 Kings 10:18 = 2 Chronicles 9:17, where Solomon has his great ivory throne made and overlaid with [a kind of] gold. The word for gold is the common noun זהב (zahab), so it is assumed that our verb means to refine, but certainty about this does not exist. In fact, if this verb is not a different one but the same as the next, this verb would mean to be agile or malleable, and the gold that Solomon had applied to his throne was nothing other than gold leaf; easily bendable and easy to apply to curved surfaces.
This verb comes with one derivative, namely the masculine noun פז (paz), which denotes gold of some kind (Lamentations 4:9, Job 28:17, Isaiah 13:12). Translations of the Bible usually speak of pure or refined gold, but it's probably gold leaf, which, in addition to the intrinsic value of gold, represents the highly specialized skill of producing such a material. Especially in cultures were gold existed in abundance, gold leaf might have been much higher prized than just gold.
The verb פזז (pazaz II) occurs only twice in the Bible, and twice it denotes a kind of physical skill, probably agility. Of his son Joseph, patriarch Jacob said that his arms were agile (Genesis 49:24) and when Michal saw David dancing and being agile while bringing in the Ark of the Covenant, she despised him in her heart (2 Samuel 6:16).