On April 9, silver prices experienced a 3% increase, trading at $76.34, largely due to a retreat in oil prices amid geopolitical tensions. This rise marks a 27% gain since hitting a cycle-low of $60.60 on March 23. The optimism surrounding peace talks between the US and Iran has contributed to market stabilization, particularly concerning oil prices. Analysts from Mirae Asset Sharekhan indicate that if silver can sustain above $78 for two consecutive days, it may reach the $85 mark in the short term. However, they emphasize the need for increased ETF inflows and safe-haven demand for a sustainable price rally. Currently, silver ETF holdings are at a four-month low of 798.45 million ounces, down 8.38% from the peak in December 2025. The market remains cautious, with support levels identified at $72 and $69, suggesting that investors should consider buying on dips unless oil prices surge again due to renewed tensions in the Middle East.