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Gold prices may face larger losses and a potential breakdown if the U.S. dollar maintains its upward trajectory in a context of rising Treasury yields.

The recent breakdown in gold prices could portend further losses for the yellow metal early in the third quarter.

October U.S. inflation eased to 7.7% from 8.2% in September, well below expectations, a sign that price pressures are starting to moderate a more rapid pace than initially anticipated.

The S&P 500 slumped on Wednesday on risk-off sentiment as traders awaited the results of the U.S. midterm elections and the October inflation report due Thursday morning.