Use it to convey careful silence when openly disagreeing might cause trouble professionally. Although I had my doubts, I chose to hold my peace during the meeting.
Pro Tip 2/3
Conflict Avoidance
It suggests avoiding speaking to prevent animosity in a personal or professional setting. At the family dinner, when politics came up, I held my peace.
Pro Tip 3/3
Emotional Restraint
Indicates self-control over one's emotions by not voicing frustrations or anger. She was being unreasonable, but I held my peace for the sake of our friendship.