The spin density matrix for spin-3/2 hole systems can be decomposed into a sequence of multipoles which has important higher-order contributions beyond the ones known for electron systems [R. Winkler, Phys. Rev. B 70, 125301 (2004)]. We show here that the hole spin polarization and the higher-order multipoles can precess due to the spin-orbit coupling in the valence band, yet in the absence of external or effective magnetic fields. Hole spin precession is important in the context of spin relaxation and offers the possibility of new device applications. We discuss this precession in the context of recent experiments and suggest a related experimental setup in which hole spin precession gives rise to an alternating spin polarization.PACS numbers: 72.25. Dc, 71.70.Ej, Spin electronics is a quickly developing research area that has yielded considerable new physics and the promise of novel applications [1]. Among the main focuses of spin electronics are semiconductor systems, where ferromagnetic semiconductors and spin polarized transport stand out as major areas of interest. In these fields, the importance of holes as compared with electrons is manifold. Firstly, the compound semiconductors exhibiting ferromagnetism are p-type materials, in which ferromagnetism has been shown to be mediated by the itinerant holes [2]. These materials have also been used as sources of spin-polarized holes, motivating the search for a more complete understanding of hole spin precession and relaxation. Secondly, the spin-Hall effect was first studied in the context of a hole Hamiltonian [3,4] and first observed in a two-dimensional hole gas [5]. With these facts in mind, we devote this Letter to an in-depth study of the spin dynamics of hole systems.The conduction band of common semiconductors like GaAs is described by a spin-1/2 Hamiltonian so that electron spin dynamics are relatively amenable to theoretical investigation. It is well known that for spin-1/2 electrons the spin-orbit interaction can always be written as a wave vector-dependent effective magnetic field [6,7]. Electron spin precession in this effective field, as well as in an external field, has been discussed extensively and is well understood [8]. The spin dynamics of holes, described by an effective spin s = 3/2 [9], have been studied to a lesser extent [10,11]. In general, the coupling of the hole spin and orbital degrees of freedom cannot be written as an effective magnetic field, so the simple picture of a spin precessing around an effective Zeeman field is not applicable to holes. Nevertheless, we will show that the spin dynamics of hole systems can be viewed as a precession, if precession is understood as a nontrivial periodic motion in spin space described by an equation of the type dS dt = i [H, S] for a suitably generalized spin operator S and spin Hamiltonian H. While it has long been known that holes lose their spin information much faster than electrons, to our knowledge a quantitative discussion of hole spin precession based on a firm theoretical footing h...