Following a strong rally driven by safe-haven demand, the Silver market is taking a breather as investors lock in profits amid heightened volatility. In response, Tehran has threatened retaliation against the United States (US), Israel and their allies, keeping uncertainty elevated and supporting safe-haven assets such as Silver. This structural shift continues to support longer-term Silver demand despite short-term corrections. Overall, the current pullback in Silver prices appears largely driven by technical adjustments and profit-taking after an exceptional rally. Fundamentals, supported by geopolitical risks, political uncertainty in the United States and persistent US Dollar weakness, continue to argue in favor of sustained interest in Silver over the medium term.