Dahood and Revised Standard Version take verses 6-7 to be the psalmist’s words, not God’s. It seems better to take them as God’s words.

Verse 6a is quoted in John 10.34.

In these two verses God, in a slightly ironic fashion, admits to having once acknowledged their divine status: gods … sons of the Most High. It is not necessary to think that the language of verse 6b means that God acknowledges the gods as his own “sons”; here, as often, sons of denotes membership in a class. But Die Bibel im heutigen Deutsch translates quite straightforwardly, “You are gods, you are my sons, sons of the Most High!” They are divine beings, they are gods, as is God himself (see Job 1.6). For the Most High see comments on 7.17.

Verse 7 would make no sense if the ʾelohim who are being addressed are human beings, since death is the inescapable lot of all human beings. The gods are reduced to mortal beings. In verse 7a like men could be “like Adam” (New English Bible footnote); the Hebrew ʾadam can be generic “humankind” or specifically “Adam.” In verse 7b fall is parallel with die in verse 7a. The word prince in Revised Standard Version and Good News Translation does not necessarily mean the son of a king, but rather a “ruler,” and probably focusing upon the ordinariness of the ruler. Die Bibel im heutigen Deutsch has “incapable official,” and Bible en français courant has “an ordinary minister of government.”

Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .