First order coherence measurements of a polariton condensate, reveal a regime where the condensate pseudo-spin precesses persistently within the driving optical pulse. Within a single 20 $mu$s optical pulse the condensate pseudo-spin performs over $10^5$ precessions with striking frequency stability. The condensate maintains its phase coherence even after a complete precession of the spin vector, making the observed state by a definition a spin coherent state. The emergence of the precession is traced to the polariton interactions that give rise to a self-induced out-of-plane magnetic field that in turn drives the spin dynamics. We find that the Larmor oscillation frequency scales with the condensate density, enabling external tuning of this effect by optical means. The stability of the system allows for the realization of integrated optical magnetometry devices with the use of materials with enhanced exciton $g$-factor and can facilitate spin squeezing effects and active coherent control on the Bloch sphere in polariton condensates.
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