Pseudoscience seeking to transform base metals into gold (7)

I believe the answer is:

alchemy

(Other definitions for alchemy that I've seen before include "Old pseudoscience hoping to turn base metals into gold" , "Chemistry's forerunner" , "Forerunner of eleven ac" , "Attempt at transformation" , "Medieval activity to turn base metal into gold" .)

I've seen this clue in the Sydney Morning Herald.

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