NEW YORK/LONDON—A gauge of global stock markets edged lower and the dollar built on earlier gains on Wednesday after U.S. consumer inflation surged to its highest since 1990, raising concern the Federal Reserve will tighten monetary policy sooner than expected. Real yields on U.S. Treasuries slid to record lows and gold prices reversed course to rise more than 1 percent as another jump in the consumer price index in October bolstered the metal’s appeal as a hedge against inflation. CPI jumped 0.9 percent after climbing 0.4 percent in September, the Labor Department said, as the largest gain in four months boosted the index’s annual increase to 6.2 percent. It was the biggest year-on-year rise since November 1990 and followed a 5.4 percent leap in September. The U.S. consumer price index rose 0.9 percent in October after gaining 0.4 percent in September, accelerating 6.2 percent in the 12 months through October, …