Gold retains losses as Fed says US economy only transitory

* The Fed's guidance differed little from its last meeting, but this time the central bank did not effectively rule out hiking rates at its next meeting.

* Gold had hit a three-week high this week in the run up to the statement on expectations that recent soft economic data would prompt the Fed to delay any rate hike.

* Investors believe higher rates could dent demand for bullion, a non-interest-paying asset.

* Bullion was also hurt by a recovery in the dollar following the Fed statement.

* The greenback earlier fell to a nine-week low after data showed the U.S. economy grew 0.2 percent in the first quarter, down sharply from the fourth quarter's 2.2 percent and lower than market expectations for 1.0 percent growth.

* Traders would now be watching more U.S. data to gauge how it would affect the Fed's timing regarding rates.

* Also in focus was the Greek debt crisis, which could boost safe-haven demand for gold.

* Euro zone officials sought to wring policy concessions from Greece on Wednesday to unlock urgently needed aid after Athens said it would present a list of reforms for legislation.

* Failure to strike a deal would result in Greece defaulting on payments and exiting the euro zone.

* In news from the physical markets, weak oil and commodity prices are offsetting concerns at India's central bank over the impact of a spike in gold imports on the broader economy, officials say.