1. Grease a 9-inch (23 cm) springform pan and line the sides of the pan with parchment that comes up at least 7 inches (18 cm). Alternatively, you can grease a Bundt pan, angel food pan or other tall, high-sided pan of similar size.
  2. Stir the raisins and candied peel in a bowl with the rum and citrus zests. Set aside.
  3. Place the butter in a saucepan over medium heat to melt and then pour in the milk, heating until the milk is around 115°F (46°C), just above body temperature. Set aside.
  4. Place the flour, sugar, yeast, salt and nutmeg in a large mixing bowl, if mixing by hand, or in the bowl of a stand mixer fitted with the hook attachment. Pour in the warm milk, add the egg yolks and vanilla and rum extracts and mix by hand or on low speed until everything is combined.
  5. Add the macerated raisins, peel and zest (including any liquid), increase the speed 1 level and continue to mix until the dough develops elasticity, about 5 minutes (it will look stretchy and be very soft). (If mixing by hand, continue to mix until it begins to develop resistance, about 7 minutes. It will be too soft to knead on the counter.)
  6. Scrape the dough into the prepared pan, dust the top lightly with flour and cover with a clean tea towel, then top with a piece of plastic wrap and set aside to rise at room temperature for 2 hours, until it more than doubles in size.
  7. Preheat the oven to 350°F (180°C). Brush the top of the panettone with the egg wash and bake for 45 to 55 minutes, until the top is a deep, even brown. Release the sides of the springform pan and slide the panettone off the base, peeling and discarding the parchment, and set it on a wire rack to cool completely before slicing.

Make Ahead: You can store the baked panettone, well wrapped in plastic, at room temperature for up to 2 days. Or freeze it for up to 2 months. Thaw at room temperature for at least 3 hours before serving. Do not refrigerate.

Helpful Hints:

In the winter, the dry heat of our homes can affect how long it takes for a yeast dough to rise. Keep your rising dough away from heating vents, the top of the fridge and other traditional places you might have been told to coax rising from your dough. It’ll get there without the extra heat, just give it time and keep it covered.

Instead of making a large holiday panettone, divide the recipe between 2 greased 9-x-5-inch (2 L) loaf pans and bake for 40 minutes. Cut the loaves into slices for sandwiches and toast.