Preheat oven to 350°F. Spray an 8” Bundt pan with nonstick cooking spray. In a medium bowl, sift together flour, baking powder, salt, ginger, and cloves and set aside. In a large bowl, beat the sugar and butter until light and airy with an electric mixer. Add the eggs one at a time until well mixed. Add the eggnog, rum extract, and vanilla and mix until well blended. With a rubber spatula, fold in half of the dry ingredients into the wet, scraping down bowl. Add and fold in remaining flour mixture until well incorporated and then fold in walnuts. Spoon the batter into the prepared Bundt pan. Bake 30 to 35 minutes or until a knife inserted near center comes out clean.