Postgres: After inserting value returns primary key and need to update column using returned primary id

In a single query, I need to perform Insert and update on the insertion row. For example, I have a set of columns and its value to be inserted after getting the primary key, I need to update another column on the same row.I tried below query it does not work. Please help

With tempvar as (  INSERT INTO table_name(col1, col2, col3)    VALUES ('colval1','colval2','colval3')     RETURNING primarykeyid  )update table_name      set column_to_be_updated  = concat('value', 'value')  where primarykeyid  = (select * from tempvar)