Circularly polarized optical excitation of plasmonic nanostructures causes coherent circulating motion of their electrons, which in turn, gives rise to strong optically induced magnetization— a phenomenon known as the inverse Faraday effect (IFE). In this study we report how the IFE also significantly decreases plasmon damping. By modulating the optical polarization state incident on achiral plasmonic nanostructures from linear to circular, we observe reversible increases of reflectance by 78% as well as simultaneous increases of optical field concentration by 35.7% under 10^9 W/m2 continuous wave (CW) optical excitation. Our results outline strategies for actively modulating intrinsic losses in the metal, and thereby, the optical mode quality and field concentration via opto-magnetic effects encoded in the polarization state of incident light.
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