Gold is not an element for alchemy. Interchangability of the elements means that search for transmutation is a reasonable one. Alchemy also associated with a magical world view. For alchemists, metals grow in the ground. Question is how to reproduce and accelerate that process in the lab.
Alchemists do in fact make some progress.
Very good at distillation processes - production of concentrated acids, alcohols and perfumes. It was recognised that transmutation would be a many step process - the above might be thought of as research into the intermediate steps. Important contribution to medicine too. Paracelsus defined alchemy as the science of transforming the raw materials of nature into the finished products useful to humanity. It was a definition which included all the chemical and biochemical crafts.