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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DividendsOnPreferredSharesNotIncludedMember_lbl" xml:lang="en-US">Dividends On Preferred Shares Not Included [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MergerArbitrageRiskMember_lbl" xml:lang="en-US">Merger Arbitrage Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_PreferredStockRiskMember_lbl" xml:lang="en-US">Preferred Stock Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ShortSalesRiskMember_lbl" xml:lang="en-US">Short Sales Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksRelatedToInvestmentinDerivativesMember_lbl" xml:lang="en-US">Special Risks Related To Investmentin Derivatives [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CounterpartyRiskMember" xlink:to="gdl_CounterpartyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CounterpartyRiskMember_lbl" xml:lang="en-US">Counterparty Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:label="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:to="gdl_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SwapsRiskMember" xlink:label="gdl_SwapsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SwapsRiskMember" xlink:to="gdl_SwapsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SwapsRiskMember_lbl" xml:lang="en-US">Swaps Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_ForwardForeignCurrencyExchangeContractsMember" xlink:label="gdl_ForwardForeignCurrencyExchangeContractsMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ForwardForeignCurrencyExchangeContractsMember_lbl" xml:lang="en-US">Forward Foreign Currency Exchange Contracts [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_FuturesContractsAndOptionsonFuturesMember" xlink:label="gdl_FuturesContractsAndOptionsonFuturesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_FuturesContractsAndOptionsonFuturesMember_lbl" xml:lang="en-US">Futures Contracts And Optionson Futures [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_OptionsRiskMember" xlink:label="gdl_OptionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_OptionsRiskMember" xlink:to="gdl_OptionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_OptionsRiskMember_lbl" xml:lang="en-US">Options Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_DerivativesRegulationRiskMember" xlink:label="gdl_DerivativesRegulationRiskMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DerivativesRegulationRiskMember_lbl" xml:lang="en-US">Derivatives Regulation Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MarketDiscountRiskMember_lbl" xml:lang="en-US">Market Discount Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:to="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xml:lang="en-US">Long Term Objective Not A Complete Investment Program [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_ManagementRiskMember_lbl" xml:lang="en-US">Management Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DecisionMakingAuthorityRiskMember" xlink:to="gdl_DecisionMakingAuthorityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DecisionMakingAuthorityRiskMember_lbl" xml:lang="en-US">Decision Making Authority Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DependenceOnKeyPersonnelMember" xlink:to="gdl_DependenceOnKeyPersonnelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DependenceOnKeyPersonnelMember_lbl" xml:lang="en-US">Dependence On Key Personnel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:label="gdl_MarketDisruptionAndGeopoliticalRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MarketDisruptionAndGeopoliticalRiskMember" xlink:to="gdl_MarketDisruptionAndGeopoliticalRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MarketDisruptionAndGeopoliticalRiskMember_lbl" xml:lang="en-US">Market Disruption And Geopolitical Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_EconomicEventsAndMarketRiskMember" xlink:label="gdl_EconomicEventsAndMarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_EconomicEventsAndMarketRiskMember" xlink:to="gdl_EconomicEventsAndMarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_EconomicEventsAndMarketRiskMember_lbl" xml:lang="en-US">Economic Events And Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_RegulationAndGovernmentInterventionRiskMember" xlink:label="gdl_RegulationAndGovernmentInterventionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_RegulationAndGovernmentInterventionRiskMember" xlink:to="gdl_RegulationAndGovernmentInterventionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_RegulationAndGovernmentInterventionRiskMember_lbl" xml:lang="en-US">Regulation And Government Intervention Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_DeflationRiskMember" xlink:label="gdl_DeflationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_DeflationRiskMember" xlink:to="gdl_DeflationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_DeflationRiskMember_lbl" xml:lang="en-US">Deflation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_LegislationRiskMember" xlink:label="gdl_LegislationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LegislationRiskMember" xlink:to="gdl_LegislationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LegislationRiskMember_lbl" xml:lang="en-US">Legislation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_RelianceOnServiceProvidersRiskMember" xlink:label="gdl_RelianceOnServiceProvidersRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_RelianceOnServiceProvidersRiskMember" xlink:to="gdl_RelianceOnServiceProvidersRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_RelianceOnServiceProvidersRiskMember_lbl" xml:lang="en-US">Reliance On Service Providers Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_CyberSecurityRiskMember" xlink:label="gdl_CyberSecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_CyberSecurityRiskMember" xlink:to="gdl_CyberSecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_CyberSecurityRiskMember_lbl" xml:lang="en-US">Cyber Security Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:label="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember" xlink:to="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_MisconductOfEmployeesAndOfServiceProvidersRiskMember_lbl" xml:lang="en-US">Misconduct Of Employees And Of Service Providers Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_PortfolioTurnoverRiskMember" xlink:label="gdl_PortfolioTurnoverRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_PortfolioTurnoverRiskMember" xlink:to="gdl_PortfolioTurnoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_InvestmentDilutionRiskMember" xlink:label="gdl_InvestmentDilutionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_InvestmentDilutionRiskMember" xlink:to="gdl_InvestmentDilutionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_InvestmentDilutionRiskMember_lbl" xml:lang="en-US">Investment Dilution Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_LegalTaxAndRegulatoryRiskMember" xlink:label="gdl_LegalTaxAndRegulatoryRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_LegalTaxAndRegulatoryRiskMember" xlink:to="gdl_LegalTaxAndRegulatoryRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_LegalTaxAndRegulatoryRiskMember_lbl" xml:lang="en-US">Legal Tax And Regulatory Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_AntiTakeoverProvisionsMember" xlink:label="gdl_AntiTakeoverProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_AntiTakeoverProvisionsMember" xlink:to="gdl_AntiTakeoverProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_AntiTakeoverProvisionsMember_lbl" xml:lang="en-US">Anti Takeover Provisions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRisksToHoldersOfNotesMember" xlink:label="gdl_SpecialRisksToHoldersOfNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfNotesMember" xlink:to="gdl_SpecialRisksToHoldersOfNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfNotesMember_lbl" xml:lang="en-US">Special Risks To Holders Of Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfFixedRatePreferredSharesMember_lbl" xml:lang="en-US">Special Risks To Holders Of Fixed Rate Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfNotesAndPreferredSharesMember_lbl" xml:lang="en-US">Special Risks To Holders Of Notes And Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:label="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" xlink:to="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksOfNotesToHoldersOfPreferredSharesMember_lbl" xml:lang="en-US">Special Risks Of Notes To Holders Of Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:label="gdl_SpecialRisksToHoldersOfCommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRisksToHoldersOfCommonSharesMember" xlink:to="gdl_SpecialRisksToHoldersOfCommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRisksToHoldersOfCommonSharesMember_lbl" xml:lang="en-US">Special Risks To Holders Of Common Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="gdl-20231231.xsd#gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:label="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember" xlink:to="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gdl_SpecialRiskToHoldersOfSubscriptionRightsMember_lbl" xml:lang="en-US">Special Risk To Holders Of Subscription Rights [Member]</link:label>
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