To prepare the dough: in a bowl, combine milk, sugar, and yeast. Stir and allow to proof.
In a mixing bowl, combine flour and salt. Using the paddle attachment, over low speed, slowly add the yeast mixture. Add the eggs, 1 at a time, and lastly, the butter, a piece at a time.
Continue to beat at medium speed until the dough gets elastic and almost forming a ball around the paddle, about 3 to 4 minutes. Cover with plastic wrap and let the dough rise until double in size, about 45 to 60 minutes.
Generously butter a gugelhupf mold. Sprinkle with sugar. Reserve.
Preheat the oven to 350 degrees F.
Roll out the dough into 1/4-inch thickness, about 12-inches wide and 16-inches long. Spread the butter throughout the surface. In a small bowl, combine the sugar and cinnamon. Sprinkle over the butter. Lastly, sprinkle the chopped nuts and macerated raisins. Roll the dough into a log and place inside the prepared mold.
Bake for 50 to 60 minutes or until top is well browned. Leave it to cool in the mold for 10 minutes, then unmold it on a wire rack. Sprinkle generously with sifted powdered sugar before serving.