diff --git a/gs/builtin/runtime-contract.test.ts b/gs/builtin/runtime-contract.test.ts
index 4665edbfd..08cb57a3b 100644
--- a/gs/builtin/runtime-contract.test.ts
+++ b/gs/builtin/runtime-contract.test.ts
@@ -558,6 +558,25 @@ describe('builtin runtime contract helpers', () => {
     )
   })
 
+  it('returns the same field reference across interleaved fieldRef calls', () => {
+    // The last reference is cached, which must not change which reference
+    // each target and field gets.
+    const a = { x: 1, y: 2 }
+    const b = { x: 3, y: 4 }
+    const ax = fieldRef(a, 'x')
+    const bx = fieldRef(b, 'x')
+    const ay = fieldRef(a, 'y')
+    expect(fieldRef(a, 'x')).toBe(ax)
+    expect(fieldRef(a, 'x')).toBe(ax)
+    expect(fieldRef(b, 'x')).toBe(bx)
+    expect(fieldRef(a, 'y')).toBe(ay)
+    expect(ax).not.toBe(bx)
+    expect(ax).not.toBe(ay)
+    ax.value = 5
+    expect(a.x).toBe(5)
+    expect(fieldRef(a, 'x').value).toBe(5)
+  })
+
   it('matches struct map keys by Go comparable value', () => {
     class Key {
       declare public name: string
diff --git a/gs/builtin/varRef.ts b/gs/builtin/varRef.ts
index 4ee848f4e..17472fe6f 100644
--- a/gs/builtin/varRef.ts
+++ b/gs/builtin/varRef.ts
@@ -123,6 +123,31 @@ export function varRef<T>(v: T): VarRef<T> {
 export function fieldRef<T extends object, K extends keyof T>(
   target: T,
   key: K,
+): VarRef<T[K]> {
+  // A loop usually takes the address of the same field again and again, as
+  // a method returning &s.field does, so the last reference is remembered,
+  // which avoids the two map lookups. References are never replaced, so it
+  // is always the one that the maps hold.
+  if (target === lastFieldTarget && key === lastFieldKey) {
+    return lastFieldRef as VarRef<T[K]>
+  }
+  const ref = fieldRefLookup(target, key)
+  lastFieldTarget = target
+  lastFieldKey = key
+  lastFieldRef = ref
+  return ref
+}
+
+// lastFieldTarget, lastFieldKey and lastFieldRef are the arguments and result
+// of the last fieldRef call. Only this one target is kept alive by them.
+let lastFieldTarget: object | undefined
+let lastFieldKey: PropertyKey | undefined
+let lastFieldRef: VarRef<unknown> | undefined
+
+// fieldRefLookup finds or makes the reference of fieldRef in fieldReferences.
+function fieldRefLookup<T extends object, K extends keyof T>(
+  target: T,
+  key: K,
 ): VarRef<T[K]> {
   let references = fieldReferences.get(target)
   if (references === undefined) {