Problema com update usando IN

Tenho a seguinte query:

UPDATE players SET rank_id IN (SELECT id FROM guild_ranks WHERE guild_id = '$gid' AND level = '4') WHERE rank_id IN (SELECT id FROM guild_ranks WHERE guild_id = '$gid' AND level = '1')

Mas está dando o seguinte erro:

#1064 - You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near 'IN (SELECT id FROM guild_ranks WHERE guild_id = '1' AND level = '4') WHERE ran' at line 1
Como devo proceder para solucionar este erro?