We have shown that alloying a noble metal (gold) with another metal (cadmium), which can contribute two electrons per atom to a free electron gas, can significantly improve the metal's optical properties in certain wavelength ranges and make them worse in the other parts of the spectrum. In particular, in the gold-cadmium alloy we have demonstrated a significant expansion of the spectral range of metallic reflectance to shorter wavelengths. The experimental results and the predictions of the first principles theory demonstrate an opportunity for the improvement and optimization of low-loss metals for nanoplasmonic and metamaterials applications.

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