Physical Silver Price: IISV.AU is backed by physical silver, its price closely tracks the spot price of silver. Supply and demand dynamics in the silver market impact IISV.AU. Currency Exchange Rates: IISV.AU is traded in Australian dollars. Fluctuations between AUD and USD (where silver is typically priced) affect the ETF's AUD price. Market Sentiment: Investor confidence (or lack thereof) in the global economy and precious metals can drive demand and price for IISV.AU. Interest Rates: Higher interest rates can make silver less attractive as an investment, potentially lowering IISV.AU's price, and vice versa. Inflation: Silver is often seen as an inflation hedge. High inflation can increase demand for IISV.AU, pushing its price up. Industrial Demand: Silver has industrial applications. Increased industrial demand can drive up silver prices and, consequently, IISV.AU. Geopolitical Events: Uncertainty arising from geopolitical events can increase demand for safe-haven assets like silver, impacting IISV.AU's price.