Interest Rates: When interest rates rise, existing bond prices typically fall because newly issued bonds offer higher yields, making older, lower-yielding bonds less attractive.

Inflation Expectations: Higher inflation erodes the real value of future bond payments, leading investors to demand higher yields, which pushes bond prices down.

Economic Growth: Strong economic growth can lead to higher interest rates and inflation, both of which can negatively impact bond prices.

Credit Risk: The perceived creditworthiness of the German government affects bond prices. A downgrade in Germany's credit rating would likely lead to lower bond prices.

Geopolitical Risk: Increased geopolitical uncertainty can lead to a "flight to safety," increasing demand for perceived safe assets like German government bonds, pushing prices up.