US markets enjoyed a solid finish to the week on Friday night, with both the Dow and S&P posting fresh record highs.

The record breaking week on Wall Street was largely driven by expectations the Fed will maintain a go-slow approach in tightening monetary policy.

Those expectations were shaped by Janet Yellen's comments mid-week, when she indicated interest rates were likely to remain low well after the Fed ends QE at the end of this year.

It was a different story in Europe, however, where most equities declined after a measure of Eurozone consumer confidence unexpectedly declined in June.

In commodity markets, gold held at a two month high, capping a breakout week for the precious metal, which soared more than 3% amid violence in Iraq and the likelihood of steady US interest rates.

The volatile situation in Iraq also led to further gains in oil, and there are predictions crude could soon hit $110 a barrel as insurgents tighten their grip over the war-torn nation.

Among the major currencies, the US dollar logged widespread - although modest - gains versus its major rivals.

It was a negative week overall for the US currency, however, as Yellen's dovish comments diminished the greenback's attractiveness in the eyes of foreign investors.

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