Prepare the Dough: Grease a Panettone pan. Combine warm milk with dried yeast and 1 teaspoon of sugar. Let sit for about 10 minutes until frothy.

Cream Mixture: Beat together butter, remaining sugar, and vanilla until creamy. Gradually incorporate the lemon and orange zests, then add beaten eggs.

Combine Wet & Dry Ingredients: Mix flour and salt in another bowl. Pour frothy yeast and butter-egg mixtures into a well in the flour, folding until a sticky dough forms.

Kneading: Knead the dough on a floured surface for about 10 minutes until smooth and elastic. Adjust with small amounts of flour if too sticky.

First Rise: Place the dough in a greased bowl, cover, and let rise in a warm place for about 2 hours or until doubled in size.

Incorporate Fruits: Heat raisins in a small pan with rum extract. Once cooled, knead them into the risen dough and shape into a ball.

Second Rise: Place the dough in the Panettone pan, cover, and let rise for about 1 hour until it rises to the brim.

Bake: Preheat oven to 350°F (175°C) and bake for 50-55 minutes until golden brown and a skewer comes out clean.

Cool: Let the Panettone cool in the pan for about 10 minutes, then transfer to a wire rack. Dust with icing sugar once cooled.