- Woglinde: Only one who renounces love, who forswears its pleasures forever, he alone can master the magic to forge the gold into a ring of power.
- Wellgunde: Then we are safe and free from worry: all who live, love; no one will refrain from loving.
- Woglinde: Least of all this lecherous dwarf! He will waste away with unsatisfied desire.
- Alberich: Are you still not afraid? Then frolic in the dark, watery creatures! I will put out your light, take the gold from its rock, and forge the ring of revenge! So hear me, ye waters, I hereby curse love.
- Flosshilde: Stop the thief!
- Wellgunde: Save the gold!
- Woglinde: Help, help! Woe, woe!
- Wotan: Surrender the ring! You cannot prove any right to it by your ranting.
- Alberich: Defeated! Destroyed. Of all wretches, I am the wretchedest slave.
- Wotan: Now I hold the charm which will make the mightiest of mighty lords!
- Loge: Shall I free him?
- Wotan: Let him go.
- Loge: Slink off to your home. No fetter holds you, go away free.
- Alberich: Am I free? Really free? Then hear my freedom's first greeting: as I acquired it by a curse, accursed be this ring! As its gold gave me unlimited might, now shall its magic bring death to whoever owns it. Its wealth shall bring pleasure to no one, no one shall laugh at its gleaming light. Anxiety shall consume him who owns it; envy will gnaw all who do not. All shall lust after it, but no one shall profit from owning it. All it shall bring to its owner will be: his murderer. Doomed to death, he shall be chained in fear; so long as he shall live, death shall be his goal; the lord of the ring shall be its slave! Until I hold it in my hand again. So, in deepest distress, the Nibelung blesses his ring. Hold it now, and guard it well; you cannot escape from my curse!