The Israeli military said it struck 33 sites, including terror activity sites, command and control centres and weapon storage facilities, even as dozens of rockets hit southern Israel.
Five Palestinians were killed, including three whose bodies were pulled from the wreckage of a mosque, Gaza health officials said.
Reports said senior Hamas official Moaaz Zaid was also killed in Israeli air strikes today.
Over 1,960 people have died since violence erupted in Gaza in early July. More than 1,900 Palestinians, mostly civilians, have been killed. Sixty-seven people have died on the Israeli side, including three civilians.
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Residents of southern Israel woke up early morning to the piercing sound of code red rocket alerts, as a barrage of rockets from Gaza targeted their neighborhoods.
Hamas vowed today that there would be no concessions to Israel.
"There will be no going back, the resistance will continue," Hamas spokesman Fawzy Barhum said in a statement.
"The occupier's intransigence will get it nowhere and we will make no concessions on the demands of our people," he said.
The IAF struck multiple targets today, including a rocket launching pad situated by a mosque, an Islamic Jihad training base and a house used as a Hamas command center.
The strike on the mosque brought the number of mosques totally destroyed in Israeli attacks to 63 with more than 150 damaged. Two churches have also been damaged.
The air strikes continued, even as Egypt-mediated negotiations between Palestinian and Israeli delegations were stalled, despite some indications yesterday that both sides were close to an agreement.