Market Interest Rates: Rising interest rates generally decrease bond prices, as newer bonds offer higher yields, making existing bonds less attractive. Conversely, falling interest rates usually increase bond prices.

Credit Risk: Changes in the perceived creditworthiness of the bond issuer impact prices. Downgrades increase risk and lower prices, while upgrades decrease risk and raise prices.

Inflation Expectations: Higher inflation expectations can erode the real value of fixed income, causing bond prices to fall as investors demand higher yields to compensate.

Economic Growth: Strong economic growth can lead to higher interest rates and inflation, potentially decreasing bond prices, while weaker growth can have the opposite effect.

Supply and Demand: The balance of buyers and sellers impacts prices. Higher demand tends to push prices up, while increased supply can depress prices.

Maturity Date: Longer maturity bonds are generally more sensitive to interest rate changes than shorter maturity bonds, leading to larger price swings.

Call Provisions: Bonds with call provisions may limit price appreciation if interest rates fall, as the issuer may choose to redeem the bond at a specified price.