Interest Rates: When interest rates rise, bond prices generally fall, and vice versa. This is because newly issued bonds become more attractive to investors, making existing bonds with lower interest rates less desirable.

Inflation Expectations: Higher inflation expectations typically lead to higher interest rates, which negatively impacts bond prices as investors demand a higher yield to compensate for the declining purchasing power of their investment.

Economic Growth: Strong economic growth can lead to expectations of higher inflation and interest rates, putting downward pressure on bond prices. Conversely, weak economic growth might lower interest rates and increase bond prices.

Government Debt: High levels of government debt can increase the risk premium demanded by investors, potentially leading to higher yields and lower bond prices. Concerns about a country's ability to repay its debt can also negatively affect bond values.

Global Events: Significant global events, such as geopolitical instability or financial crises, can impact investor sentiment and risk aversion, causing shifts in demand for government bonds and affecting their prices. Investors often seek safe-haven assets like government bonds during turbulent times.