balm:  In origin, balm and balsam are the same word. Both come via Latin balsamum from Greek bálsamon, an ‘aromatic oily resin exuded from certain trees’. Its ultimate source may have been Hebrew bāśām ‘spice’. Latin balsamum passed into Old French, and thence into English, as basme or baume (hence the modern English pronunciation), and in the 15th to 16th centuries the Latin l was restored to the written form of the word. The new borrowing balsam, direct from Latin, was made in the 15th century. => balsam
early 13c., basme, aromatic substance made from resins and oils, from Old French basme (Modern French baume), from Latin balsamum, from Greek balsamon "balsam," from Hebrew basam "spice," related to Aramaic busma, Arabic basham "balsam, spice, perfume."
Spelling refashioned 15c.-16c. on Latin model. Sense of "healing or soothing influence" (1540s) is from aromatic preparations from balsam (see balsam). Biblical Balm of Gilead, however, began with Coverdale; the Hebrew word there is tsori, which was rendered in Septuagint and Vulgate as "resin" (Greek rhetine, Latin resina).