arXiv:2505.19969v4 Announce Type: replace-cross Abstract: We analyze the differential privacy of gossip averaging on a graph with independent Gaussian noise at every node, as seen by a subset of observing nodes. We characterize the privacy loss of any sensitive node over multiple gossip steps as that of a Gaussian mechanism whose sensitivity is the solution to a binary quadratic problem with a coefficient matrix determined by the gossip matrix. We recognize this matrix as a Toeplitz matrix plus a small correction, and show that its Toeplitz symbol controls how the DP guarantees grow with the number of steps. Under a computable condition on the Toeplitz symbol, the privacy guarantee matches that of a trusted central aggregator, and we give a utility bound for strongly convex learning problems that similarly matches the centralized case. Finally, we give numerical recipes for upper and lower bounds on the DP guarantees. On realistic test cases, the two bounds agree to within a few percent.