Residents inspect the damage to a building in Gaza City, May 4, 2019. Another airstrike hit a six-story commercial and residential building.
The Israeli military said some 5,200 Palestinians had amassed along the frontier, but did not immediately provide further comment.
Terrorists launched more than 200 rockets at southern Israel on Saturday.
In Israel, the recent elections, which saw Prime Minister Benjamin Netanyahu securing a fifth term as leader, the continual flare-ups and rocket fire with Gaza was a central issue.
Reuters also reported that Gaza health officials said four Palestinian bystanders were wounded in one of the Israeli strikes.
Lt. Col. Jonathan Conricus, an army spokesman, told reporters Saturday that the Iranian-backed group shot an Israeli officer and a female soldier the previous day.
The army said its chief of staff, Lt. Gen. Aviv Kochavi, convened an emergency session with top security officials to discuss the situation.
Saturday's rocket attacks coincided with Palestinians burying the two militants.
Israel responded with massive aerial assaults against Hamas and Islamic Jihad targets in Gaza.
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Israeli warplanes hit the building with at least five rockets.
Medics said the woman was 80 and the man was 50.
Earlier, MDA said a 15-year-old boy was mildly injured while running for cover from incoming missiles. Our soldiers stood between the rioters and Israeli families living a short distance away.
Shortly after 9:30 on Saturday morning, terror groups in the Strip began launching rockets and mortar shells at Israel.
Israel has long said it holds Hamas responsible for all attacks from Gaza, controlled by the group since 2007.
There were no immediate reports of casualties. The Jerusalem Post quoted a spokesperson for the municipality of Ashkelon, near the embattled Palestinian enclave, as confirming that several rockets were intercepted by Israeli missile defences. Israeli retaliatory airstrikes killed two Hamas militants.
Safinaz Allouh was covering the ongoing Great March of Return campaign along the Gaza-Israel border fence when she was shot.
Air raid sirens sounded in southern Israel throughout the day.
In response, Israeli aircraft targeted two launch sites in northern Gaza.
Media outlets reported that three of them were civilians; there was no information available yet regarding the other three. No group claimed responsibility for the shooting.
Israel says this is needed to stop weapons reaching Gaza.