chin-wagging vs gossip

chin-wagging and gossip both are nouns.

Word	Noun	Adjective	Verb	Adverb
chin-wagging	Yes	No	No	No
gossip	Yes	No	Yes	No

As nouns, chin-wagging and gossip are synonyms defined as:

chin-wagging and gossip: light informal conversation for social occasions

chin-wagging (noun)	gossip (noun)
light informal conversation for social occasions	light informal conversation for social occasions
	a report (often malicious) about the behavior of other people
	a person given to gossiping and divulging personal information about others

chin-wagging (verb)	gossip (verb)
	wag one's tongue; speak about others and reveal secrets or intimacies
	talk socially without exchanging too much information