This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
錥 combines 金 (metal) with 育, which likely contributes the sound. The exact historical development is uncertain.
The left side is metal 金 and the right side is 育 (nurture). Picture a metal pot nurturing food as it cooks.
For イク, imagine a metal pot that makes you exclaim 'ick!' when you see what's cooking inside: ick -> イク.