New signings Hugo Ekitike and Jeremie Frimpong scored for the Premier League champions, but Palace responded through Jean-Philippe Mateta and Ismaila Sarr before winning an error-strewn shootout 3-2.

Mohamed Salah blazed over from the spot, while Alexis Mac Allister and Harvey Elliott were denied by an inspired Dean Henderson as Palace built on winning their first ever major trophy by beating Manchester City in May's FA Cup final.

The traditional curtain-raiser to the English football season was given extra significance after a summer marked by tragedy for Liverpool.

Forward Diogo Jota was killed in a car accident alongside his brother Andre Silva.

Reds legend Ian Rush and Palace chairman Steve Parish laid wreaths on the side of the pitch before kick-off, while the Liverpool end was awash with banners and flags paying tribute to the Portuguese international.

A minute's silence, however, had to be cut short due to disturbances in the crowd.

Jota's death has dampened the excitement over Liverpool's transfer spending spree to build on a squad that romped to a record-equalling 20th league title last season.

All four of their new signings at a cost of £260 million ($350 million) -- Ekitike, Florian Wirtz, Frimpong and Milos Kerkez -- started.

Ekitike's role this season could depend on whether Liverpool are successful in their pursuit of Newcastle striker Alexander Isak.

But the Frenchman -- signed from Eintracht Frankfurt last month for an initial £69 million -- did his case to be Slot's preferred number nine no harm at all.

Wirtz also bagged his first assist for the Reds when Ekitike spun onto the German's pass and fired into the far corner just four minutes.

Palace were making their first ever appearance in the fixture but the Eagles again showed their ability to match one of the Premier League's giants over 90 minutes.

Mateta missed a glorious chance to level when he failed to beat Alisson Becker when one-on-one.

- Liverpool unbalanced -

But from the rebound Sarr charged into the box and was tripped by an out-of-sorts Virgil van Dijk.

Mateta coolly sent Alisson the wrong way from the penalty spot to equalise.

Liverpool's players were sporting a "Forever 20" emblem, referencing Jota's now-retired shirt number, that they will wear all season.

The Liverpool fans had risen to chant Jota's name as the game entered the 20th minute when their side retook the lead

Frimpong's chipped cross caught out Henderson and flew into the far corner.

Ekitike wasted a great chance for his second early in the second half from another Wirtz pass as this time he fired over.

However, Slot's new-look side are still to find the right balance between attack and defence as has been evidenced during pre-season.

Palace were a constant threat with balls in behind the Reds defence and levelled again 13 minutes from time.

Sarr sped onto Adam Wharton's through ball and calmly slotted past Alisson for his fourth goal in seven games against Liverpool.

Liverpool also survived a VAR review for a penalty against Mac Allister for handball before the match went to a shootout without extra-time.

Youngster Justin Devenny was the unlikely hero as he blasted the winning spot-kick high past Alisson, showing Salah, Mac Allister and Elliott how it is done.