diff --git a/named.go b/named.go
index 6ac44777..af527aa0 100644
--- a/named.go
+++ b/named.go
@@ -224,7 +224,7 @@ func bindStruct(bindType int, query string, arg interface{}, m *reflectx.Mapper)
 	return bound, arglist, nil
 }
 
-var valuesReg = regexp.MustCompile(`\)\s*(?i)VALUES\s*\(`)
+var valuesReg = regexp.MustCompile(`(?i)\WVALUES\s*\(`)
 
 func findMatchingClosingBracketIndex(s string) int {
 	count := 0
diff --git a/named_test.go b/named_test.go
index 0ee5b85f..c33b9bc5 100644
--- a/named_test.go
+++ b/named_test.go
@@ -422,6 +422,30 @@ func TestFixBounds(t *testing.T) {
 	)`,
 			loop: 2,
 		},
+		{
+			name: "use of VALUES not for insert",
+			query: `
+UPDATE t
+SET
+  foo = u.foo,
+  bar = u.bar
+FROM (
+  VALUES (:id, :foo, :bar)
+) AS u(id, foo, bar)
+WHERE t.id = u.id
+`,
+			expect: `
+UPDATE t
+SET
+  foo = u.foo,
+  bar = u.bar
+FROM (
+  VALUES (:id, :foo, :bar),(:id, :foo, :bar)
+) AS u(id, foo, bar)
+WHERE t.id = u.id
+`,
+			loop: 2,
+		},
 	}
 
 	for _, tc := range table {