Biblical significance of the gifts given to Jesus

Is there any spiritual significance to the gifts the Magi brought – Gold, Frankincense and Myrrh – after they were led by a “star” to Bethlehem where they worshiped the young child Jesus? Why would this caravan of astronomers present expensive gifts to Joseph, Mary and their young child unless they were aware of the significance of his birth? Here is the biblical background information: >Matthew 2:1-6: After Jesus was born in Bethlehem in Judea, in the time of King Herod, wise men from the East came to Jerusalem saying, “Where is the one who is born king of the Jews? For we saw his star when it rose and have come to worship him.” When King Herod heard this he was alarmed, and all Jerusalem with him. After assembling all the chief priests and experts in the law, he asked them where the Christ was to be born. “In Bethlehem of Judea,” they said, “for it is written this way by the prophet: ‘And you, Bethlehem, in the land of Judah, are in no way least among the rulers of Judah, for out of you will come a ruler who will shepherd my people Israel.’” >Matthew 2:7-12: Then Herod privately summoned the wise men and determined from them when the star had appeared. He sent them to Bethlehem and said, “Go and look carefully for the child. When you find him, inform me so that I can go and worship him as well.” After listening to the king they left, and once again the star they saw when it rose led them until it stopped above the place where the child was. When they saw the star they shouted joyfully. As they came into the house and saw the child with Mary his mother, they bowed down and worshiped him. They opened their treasure boxes and gave him gifts of gold, frankincense, and myrrh. After being warned in a dream not to return to Herod, they went back by another route to their own country. I realise there are different traditions surrounding this advent, but what I’m looking for is biblical references to the significance of gold, frankincense and myrrh. Also, I would like to know if there are any Christian references (from old hymns, for example) that suggest the spiritual significance of these expensive gifts that were presented to the infant king.