In the bowl of a stand mixer, combine the warm milk, active dry yeast, and 1 teaspoon of the granulated sugar. Let sit for 10 minutes until frothy and bubbly.

Whisk the remaining sugar, eggs, vanilla extract, orange zest, and lemon zest into the yeast mixture.

Add the flour and salt. Attach the dough hook and mix on low speed until combined.

With the mixer running, add the softened butter one tablespoon at a time, waiting until each piece is absorbed. Knead for 10 minutes until the dough is smooth, elastic, and pulls away from the sides.

Transfer the dough to a greased bowl, cover tightly, and let rise overnight in the refrigerator (or 3 hours at room temperature).

Punch the dough down to deflate it. Turn it out and use a spatula to gently knead in the raisins and candied orange peel until evenly distributed.

Shape the dough into a smooth ball and place it directly into a buttered Panettone paper mold (6x4 inches).

Cover lightly and let rise in a warm, draft-free place for 2-3 hours, or until the dough reaches the top of the mold.

Preheat your oven to 350°F (175°C). Use a sharp knife to cut a shallow "X" on the top of the dough. Place a small pat of butter in the center of the X.

Bake for 40-45 minutes until the loaf is a deep golden brown and a skewer comes out clean. Cool completely on a wire rack before slicing.