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Their performance have also put Russia's world champions Tatiana Navka and Roman Kostomarov in second position.
Fusar Poli, 34, and Margaglio, 31, have not competed since taking the bronze at the 2002 Olympics in Salt Lake City.
But the pair, who were the first Italians to win a figure skating gold at a world championships in 2001, were lured out of retirement last September in a bid to compete at the home Games.
And as the chants of "Italia, Italia" resounded around the stadium, the duo revived their glory days as they surged to the lead after the Ravensburger Waltz to open a 0.58 point advantage on Navka and Kostomarov going into Sunday's original dance - the second round of three.
It looks set to be a close run battle with just a point separating the Italians from the Russians and third-placed Albena Denkova and Maxim Staviski of Bulgaria.
The Italians scored 38.78 and the Russians 38.20. Denkova, 31, and Staviski, 28, are a further 0.55 points with 37.65.
The Russians, Navka, 30, and Kostomarov, 29, have only suffered one loss in the last two years - at the 2004 Grand Prix final to Denkova and Staviski.
Navka blamed the cut she had suffered to her hand with a skate blade during last month's European championships for interfering with their pre-Olympic training.
She received stitches after cutting her right hand during the end of their free skating routine as they claimed their third European title.
The two-time world champions are bidding to help Russia complete a title sweep in Turin this week. Tatiana Totmianina and Maxim Marinin won the pairs gold and Yevgeny Plushenko claimed the men's crown earlier in the week.
(Source: AFP)
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