Amir Abu Musaid, 16, was shot near Gaza's border fence, reportedly during a protest at the recent United States recognition of Jerusalem as Israel's capital.
Forty-six Palestinians sustained light and moderate wounds by Israeli army gunfire on Friday during clashes in the West Bank and Gaza, the Palestinian health ministry said.
It has been the largest incidence of fire from Gaza since the 2014 Israel-Hamas war.
In addition, six young Palestinians were wounded in clashes in the village of Allaban, southern Nablus, as a journalist was injured by a sound bomb in Al-Khali, or Hebron.
Israeli forces opened live fire on the protesters, who threw rocks towards the border fence, tens of meters away from Israeli forces.
Trump partly denies, also defends vulgar immigrant comments
Trump also denied saying "anything derogatory about Haitians other than Haiti is, obviously, a very poor and troubled country". In an earlier tweet , Mahama had said that Trump's comments showed he was "nothing but a racist".
Strict measures have been imposed on tens of thousands of Palestinians following the killing of an Israeli rabbi in a drive-by shooting in the West Bank this week.
Israeli settlements violate the Fourth Geneva Convention, which states that an occupying power can not transfer its population into the territory it occupies.
The refugee question is a major obstacle to a two-state solution which aims to forge an independent State of Palestine alongside the State of Israel based on 1967 borders, and which would make East Jerusalem the capital of Palestine.
Israel's occupation of East Jerusalem effectively put the entire city under de facto Israeli control.
The status of Jerusalem has ignited tensions between Israelis and Palestinians for decades.
A committee of ministers from Egypt, Morocco, Saudi Arabia, the United Arab Emirates and Palestine met with Jordanian Foreign Minister Ayman Safadi to strategize a response to President Donald Trump's decision to move the US embassy from Tel Aviv to the holy city. Israeli jurisdiction and ownership of Jerusalem, however, is not recognised by the worldwide community.