Gold fell to a ten-day low Tuesday as fears that Brexit could occur continue to diminish.

The volatility of the public opinion in the UK continued to make itself apparent on Monday, as two new polls showed that the “Remain” movement had again retaken the majority position. Gold is negatively impacted by the less-risky option of Britain staying in the EU, and has seen a decrease on Tuesday as a result.

As seen on CNBC’s quote, Spot gold (XAU) has fallen 1.5% and the SPDR Gold Trust (GLD Quick QuoteGLD - Free Report) down 1.47% since the opening bell, reflecting investors’ increased confidence in the “Remain” movement maintaining traction. Part of the allure of gold as an investment stems from its response to events that cause the value of stocks and bonds to decrease, of which Brexit is one. The aforementioned increase in confidence has boosted today’s market, directly counteracting this supposed benefit.

As Macquarie analyst Matthew Turner points out, “Wider markets seem to be too confident” in a Brexit victory, which would pave the way for the Federal Reserve to raise interest rates. This would hurt gold prices, essentially serving as its kryptonite.

Gold had reached a two-year high last week when the market was more uncertain about the outcome of Brexit, but it seems things are beginning to calm down. Signs are starting to point towards Britain remaining in the EU, but with the vote two days away nothing is certain.

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