Interest Rates: When interest rates rise, bond prices typically fall, and vice versa. This is because new bonds offer higher yields, making existing bonds with lower yields less attractive.

Inflation: Rising inflation erodes the purchasing power of future bond payments, so bond prices tend to decline. Conversely, falling inflation can boost bond prices.

Credit Risk: ES3M.GBOND's credit rating (risk of default) affects its price. Lower creditworthiness translates to lower prices as investors demand higher yields to compensate for risk.

Economic Growth: A strong economy often leads to higher interest rates and inflation, potentially pushing bond prices down. A weak economy may lead to lower rates, boosting bond prices.

Market Sentiment: General investor confidence or fear can impact bond prices. In times of uncertainty, investors often seek safe-haven assets like government bonds, potentially increasing their price.