ALMATY(BullionStreet): As plenary talks between Iran and the six powers known as the P5+1( 5 permanent members of the UN Security Council and Germany) about to get underway here, reports said the Islamic Republic might get some sanctions relief,particularly on the gold trade.

According to unconfirmed reports, an updated P5+1 proposal to be formally presented to Iran also includes sanctions relief on petrochemical industry, and some small-scale banking sanctions.

The package makes some similar requests of Iran– to shut Fordo, stop its 20% enrichment and ship out its 20% stockpile–as the past P5+1 proposal presented to Iran last year.

Earlier reports quoting Iran's foreign ministry said the offer was unacceptable as the offer was still not sufficiently balanced between demands made of it and relief being offered.

Western diplomats said they would present a modified proposal that includes some sanctions relief. They also said they would like to get agreement for a follow-on technical meeting with Iran to further discuss the new proposal.