Warm milk and water gently until lukewarm.
Add yeast and sugar. Let it sit for 5 minutes.
In a large bowl, combine flour, salt, nutmeg, and cinnamon.
Add butter and eggs to the yeast mixture.
Mix wet and dry ingredients together.
Knead the dough until smooth and elastic.
Add candied fruits, raisins, and orange zest.
Cover bowl and let dough rise for one hour.
Punch down dough gently after rising.
Shape into a loaf or round bread form.
Place in a greased baking pan.
Cover again and let rise for 30 minutes.
Preheat oven to 350°F (175°C).
Bake for 30–35 minutes until golden brown.
Cool on a wire rack before slicing.