Actually that wasn't always so. When the game was invented it was called "golf" as an acronym: Gentlemen Only Ladies Forbidden. GOLF
Actually, no...it derives from a Scots word, gouf, meaning a strike or a blow. The "l", as in walk, talk, could, should, calm, and, decreasingly, Palmer once was silent.
As a rule, acronymns-as-etymologies (the most popular being POSH, WOP, TIP, COP, and if you'll excuse me, F*CK), at least as far as words older than the twentieth century are concerned, are bunk. "Gentleman Only Ladies Forbidden" is, I'll admit, a new one on me.
L