Mix cinnamon, nutmeg, mace, ginger, and cloves together in a bowl.
Combine warm water and yeast in the bowl of a stand mixer; stir to dissolve yeast. Stir in 1/2 cup sugar, 1/2 cup butter, pumpkin, dry milk, and salt. Add 2 teaspoons of the cinnamon mixture and 2 1/2 cups flour. Beat on low speed for 3 minutes. Beat in another 2 1/2 cups flour gradually. Knead dough until smooth. Work in additional flour as needed to form a stiff dough.
Transfer dough to a large greased bowl. Cover and let rise until doubled, about 1 hour.
Preheat oven to 350 degrees F (175 degrees C). Sprinkle 1/2 cup walnuts into the bottom of an 11-inch ring mold.
Pour remaining 3/4 cup melted butter into a bowl. Mix remaining 1 1/2 cups sugar into the cinnamon mixture.
Punch down dough. Divide and roll into 2-inch balls. Dip each ball into the melted butter, roll in the cinnamon-sugar mixture, and place in the ring mold over the nuts. Continue to layer dough, sprinkling remaining 1/2 cup walnuts and raisins between layers.
Bake in the preheated oven until golden brown, 30 to 45 minutes. Cool in the ring mold for 10 minutes. Invert carefully onto a large plate.