Soak dried fruits in rum for at least 2-3 hours or overnight.
Stir 1 Tbsp of sugar, from the total amount listed, into milk, add yeast and set it aside to proof for 10 minutes.
Combine flour, salt, sugar, baking powder, lemon and orange zest, add melted butter, vanilla and orange extracts and mix to combine, add eggs and beat to combine, add yeast and milk mixture, beat for a few minutes to combine.
Cover with a tea towel and let it rise in a warm place for at least 2 hours.
Return dough to a mixer and, using a dough hook, mix in drained fruits.
Fill panettone mold with dough, pressing down to make sure there are no empty spots.
Cover with an oiled plastic wrap and let it rise in a warm place for another hour.
Brush the top with melted butter if you want.
Bake in a pre-heated oven to 375F degrees for 30 minutes, then cover loosely with foil and bake for another hour or until the internal temperature reads 185F degrees.
Cool completely before dusting with powdered sugar and slicing.