Investors may be selling lead amid prospects for supply of the metal to exceed demand this year, according to Societe Generale SA.
The two most-accurate gold forecasters are holding to their bearish forecasts for 2014 even after the metal posted its best start to a year since 1983.
Silver is being undermined by its association with gold.
Palladium futures jumped to a 39- month high and platinum posted for the longest rally since April after South African government mediation failed to end a 19-week strike at the largest mining companies. Gold advanced.
Bearish bets on zinc that expire in two days on the London Metal Exchange may spur a jump in supplies delivered into warehouses tracked by the bourse.