* US economic growth slows in first quarter; inflation surges

* US Treasury yields hit over five-month highs

* US PCE price index data due on Friday

April 25 (Reuters) - Gold prices trimmed gains on Thursday as U.S. Treasury yields rose after economic data showed signs of persistent inflation, lowering hopes of the Federal Reserve cutting interest rates anytime soon.

Spot gold firmed 0.3% at $2,321.70 per ounce by 9:47 a.m. ET (1347 GMT) after rising as much as 0.8% earlier in the session. Prices were down over $100 from an all-time high of $2,431.29 scaled on April 12, fuelled by geopolitical turmoil.

U.S. gold futures rose 0.2% at $2,334.40.

U.S. economic growth slowed more than expected in the first quarter, but an increase in inflation suggested the Fed would not cut interest rates before September.

"Gold is trading on the additional data point that shows that the Fed is not in a position to cut rates anytime soon," said Bob Haberkorn, senior market strategist at RJO Futures.

U.S. Treasury yields hit more than five-month highs after the data was released.

Gold is traditionally known as an inflation hedge but elevated interest rates reduce the allure of holding non-yielding bullion.

"After a very dramatic move higher in gold over the course of the last several weeks, it is in the midst of a consolidation," said David Meger, director of metals trading at High Ridge Futures.

"Certainly that could change in the short term if we see an inflationary print that comes out very benign and inflation is much more reduced."

The March core Personal Consumption Expenditures Price Index (PCE) data is due on Friday.

On the physical front, top consumer China's net gold imports via Hong Kong jumped 40% in March from the previous month, data showed.

Spot silver fell 0.2% to $27.23 per ounce.

Platinum was down 0.2% to $901.10 and palladium lost 1.9% at $982.25.

BHP Group said it will offer Anglo American's shareholders a premium of 31%, and carve out the London-listed group's iron ore and platinum assets in South Africa, where the world's largest listed miner has no activities. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Krishna Chandra Eluri)