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Preheat the oven to 350˚F (175˚C). Spray the inside of a nonstick 12-cup bundt pan with baking spray (or liberally grease then flour) and set aside.
In a medium bowl, mix together the flour, spices, baking powder and soda, and salt. Set aside.
In the bowl of a stand mixer fitted with the paddle attachment, cream together the butter and sugars until light and fluffy, about 2 minutes on medium-high speed. Stop the mixer and scrape down the sides and bottom of the bowl.
Add orange zest, ginger, molasses and one egg and mix on medium-low, adding the other eggs after each egg has been incorporated. Scrape down the bowl again.
With the mixer on low, add about ⅓ of the flour mixture and mix until just incorporated, followed by about half of the milk. Repeat this process with another ⅓ of the flour mix, remaining half of milk, finishing with the remaining flour mix. Bake for 45-55 minutes, checking at the 40 minute mark, until a toothpick inserted in the center of one side comes out clean. Let cool for 15 minutes before inverting onto a wire rack to cool completely.
While the cake cools, make the glaze: In a medium bowl, whisk all ingredients together. The glaze should be pourable. If needed, add another splash of milk to thin out the glaze.
Once the cake has cooled completely, set the wire rack over a sheet tray to catch the excess glaze. Slowly pour the glaze over the entire top of the cake, letting it drip down the sides. Serve immediately.
Recipe Note: If you prefer to skip the rum, simply replace with an additional tablespoon of milk.