In the U.S., it's generally pronounced NOO-g@t, where @ is some vowel. I am fairly sure I have heard /ɪ/, /ə/, and /ɑ/, and if I believe the comments above, /æ/ and /ɛ/ areis used as well.
The dictionaries say /nugət'nugət/.
And I'm sure some Americans use the French pronunciation (although these would generally be chefs, snobs, or people who know French well).
Some people might be confused by the comments above. The phonetic spelling NEW-g't does not mean /njugət/ but /nugət/. Remember that most Amercians pronounce the word new as /nu/.