Preheat your oven to 350°F (175°C). Grease and flour your loaf pan or line it with parchment paper.
In a large mixing bowl, combine the softened butter and granulated sugar. Using an electric mixer or whisk, beat until the mixture is light and fluffy.
Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract and zests of lemon and orange.
In another bowl, whisk together the all-purpose flour, baking powder, and salt.
Gradually add the dry ingredients to the wet mixture while alternating with the milk. Begin and end with the flour mixture, mixing until just combined.
Pour the batter into the prepared loaf pan, smoothing the top with a spatula.
Bake in the preheated oven for 50 minutes or until a toothpick inserted into the center comes out clean.
Once baked, remove the loaf from the oven and allow it to cool in the pan for 10 minutes before transferring it to a cooling rack to cool completely.
Optional: Once completely cooled, dust with powdered sugar and add colorful sprinkles for decoration before serving.