The Gerudo are pronounced Geld (ゲルド) in Japanese, which is the German word for money. Ganondorf (ガノンドロフ) also has the German word Dorf (village) in it.
This doesn't get us closer to the origin, but speaking of German influence, Link also happens to be a German word. As a noun it shares the same meaning as the English word link.
Zelda seems to come from (ital.) Griselda which supposedly is rooted in the old high German word gris (grau) and hiltja (fight). But that's kind of a stretch.
I think there's a lot of interest in German culture in Japan. You see German characters and phrases fairly often in anime, pronounced just as badly as English in anime.
The popular anime Frieren names all its characters on-the-nose German words. Plot twists get spoiled for German speakers, for example one of the characters is called "Lügner", Liar:
https://tvtropes.org/pmwiki/pmwiki.php/MeaningfulName/Friere...
I think you can find a Miyamoto interview where he claims he chose the name from Zelda Fitzgerald.