Newcastle took the lead midway through the first half as Yohan Cabaye was allowed deep into the Liverpool half as the visitors backed off, before the Frenchman unleashed a shot that dipped in front of Simon Mignolet and bounced into the net.
Liverpool initially struggled to find their feet in the game, with Mahmadou Sakho coming close with a header he failed to control.
Far from impose themselves on the game, Liverpool managed to fall behind early in the second half thanks to some poor defending that allowed substitute Paul Dummett to creep in unmarked to score.
The visitors managed to draw level for a second time when Suarez crossed for striker partner Daniel Sturridge who nodded past Krul.
Despite Newcastle's effort in the game, Liverpool suddenly looked the more likely to win as they began to create chances and nearly bagged a winner four minutes from time.
Gerrard's cross found Sturridge only for the England forward to make a poor connection and see his effort sail wide.
Although Suarez saw a late free kick pushed away by Krul, Newcastle held on for a point that pushes them into the top half of the table for the time being.