Is "agonising" an adjective or a noun here?

[anhnha]

Hi all,
After months of agonising, leaders of the European Union are closing in on new oversight rules to ensure sound finances, prevent another government debt crisis and restore the credibility of the euro.

According to Longman English Dictionary, "agonising" is an adjective. But it seem that in the above sentence "agonising" is used as a noun.
Is "agonising" an adjective here?
Is this usage correct?

 

[5jj]

It's a gerund, a verb functioning as a noun.

 

[anhnha]

Oh, Thank you!
I wonder why I didn't think about it.

 

[Odessa Dawn]

Hi all,
After months of agonising, ...

It's a gerund, a verb functioning as a noun.

Does gerund that being attached to the verb "agonize" function as the object of a preposition?
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[SoothingDave]

Yes, it's an object of the preposition here.