The Palestinian Health Ministry says more than 70 of the victims have been children.
Israeli warplanes pounded a number of positions in Gaza during the early hours of Saturday. The fresh airstrikes killed more than ten people.
More than 2,200 others have been injured since the offensive began on July 8.
Palestinian officials say as many as 65 people lost their lives since Israeli tanks began shelling the impoverished enclave on Thursday, when the Tel Aviv regime launched its ground operation in the besieged Palestinian territory.
Israel has threatened to step up its military operations in the coming days.
The United Nations says the number of displaced people of Gaza has almost doubled over the past 24 hours. More than 40,000 Palestinians are now homeless.
Meanwhile, Palestinian fighters have fired several Grad missiles into the Israeli cities in retaliation for the deadly attacks.
Earlier, warning sirens sounded in Tel Aviv, and shortly afterwards an explosion was heard.
Palestinian resistance fighters say they intercepted radio communications between Israeli troops, which confirmed that a number of Israeli soldiers were killed when their tank was destroyed in Gaza.
On Friday, one Israeli soldier was killed and at least three were wounded in clashes with Palestinian resistance fighters.
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