Update or Insert (multiple rows and columns) from subquery in PostgreSQL

For the UPDATE

Use:

UPDATE table1 
   SET col1 = othertable.col2,
       col2 = othertable.col3 
  FROM othertable 
 WHERE othertable.col1 = 123;

For the INSERT

Use:

INSERT INTO table1 (col1, col2) 
SELECT col1, col2 
  FROM othertable

You don’t need the VALUES syntax if you are using a SELECT to populate the INSERT values.