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PRECIOUS-Gold falls back as stocks rally; Yellen keeps losses in check

SINGAPORE, Feb 12 (Reuters) - Gold gave back some of its sharp overnight gains on Wednesday as stocks rallied but was still trading near its highest in three months on assurances from the new Federal Reserve chair that there would be no abrupt changes to U.S. monetary policy.

FUNDAMENTALS

* Spot gold fell 0.5 percent to $1,285.50 an ounce by 0024 GMT, snapping a three-day winning streak. The metal hit a three-month high of $1,293.44 on Tuesday, before closing up 1.3 percent.

* In her first public comments since becoming Fed chief earlier this month, Janet Yellen emphasized continuity with the policy approach taken by her predecessor, Ben Bernanke.

* She said the central bank was on track to keep reducing its stimulus even though the labour market recovery was far from complete.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.80 tonnes to 798.85 tonnes on Tuesday.

* Russian gold production is likely to fall by 5 percent this year from a record level of 254 tonnes in 2013 due to a fall in prices, Sergei Kashuba, head of the Russian Gold Industrialists' Union, told Reuters.

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MARKET NEWS

* Asian shares rallied for a fourth straight session on Wednesday as risk appetites were whetted by an optimistic economic outlook from Yellen, diminishing the need for safe havens.

DATA/EVENTS (GMT) 0200 China Trade data 0745 France Current account 1000 Euro zone Industrial production 1900 U.S. Federal budget

PRICES AT 0024 GMT

Metal Last Change Pct chg Spot gold 1285.5 -5.96 -0.46 Spot silver 20.14 -0.09 -0.44 Spot platinum 1382.99 2.09 0.15 Spot palladium 716 1.1 0.15 Comex gold 1285.3 -4.5 -0.35 Comex silver 20.145 -0.008 -0.04 Euro 1.3627 DXY 80.661

COMEX gold and silver contracts show the most active months

(Reporting by A. Ananthalakshmi; Editing by Michael Perry)