Recent electrochemical experiments on gold-based photonic metamaterials have shown a sizable reversible tuning and modulation of plasmonic resonances. Here, we study the mechanism of the electrochemical modulation by measuring the change of the resonance transmittance and resonance frequency during underpotential deposition of Pb, Cu, and electrosorption of OH. The electric resistance change of the resonators is identified as decisive for the resonance transmittance change, while the space-charge layer at the metal surface shifts the resonance frequency.