* "Utter" implies speaking, which is already implied by being on the phone.
* "Don't" should be "don't" with an apostrophe.
Here are some better ways to say it:
* "I'm on the phone, so don't say anything."
* "I'm on the phone, so please be quiet."
* "I'm on the phone, so hold your thoughts for a moment."
These options are clearer and more natural.