This is what I use to go 3 levels deep. i.e. Home > First Section > Nested Section > Content file (within Nested Section)
. It’s sort of based on this old post albeit adapted to current day Hugo.
<span class="breadcrumb">
<a href="/">Home</a><span> > </span>
{{ template "breadcrumb" dict "currentPage" .Page "perma" .Permalink }}
</span>
<!-- templates -->
{{ define "breadcrumb" }}
{{ if .currentPage.Parent }}
{{ if ne .currentPage.Parent .IsHome }}
{{ template "breadcrumb" dict "currentPage" .currentPage.Parent }}
{{ end }}
{{ if eq .perma .currentPage.Permalink }}
<a href="{{ .currentPage.Permalink }}">{{ .currentPage.Title }}</a>
{{ else }}
<a href="{{ .currentPage.Permalink }}">{{ .currentPage.Title }}</a> >
{{ end }}
{{ end }}
{{ end }}
Note that the above breadcrumb will not work for taxonomies.