Prepare the dried fruit mixture by combining butter, raisins, cranberries, brown sugar, molasses, and water in a medium saucepan over medium heat, bring to a boil, then simmer for 3-4 minutes. Remove from heat and cool for 45 minutes.

Mix dry ingredients in a large bowl, whisk together flour, baking powder, salt, and ground spices, and then add the zest of orange and lemon.

Incorporate wet ingredients: once the dried fruit mixture is cool, beat the eggs in a separate bowl, pour the fruit mixture into the dry ingredients, and add the eggs and pecans. Fold until just combined.

Prepare for baking by greasing a 7 or 8-inch cake pan or lining it with parchment. Pour the cake batter into the pan and preheat the oven to 320°F (160°C).

Bake the cake in the preheated oven for 75-90 minutes, tenting with foil after about 50 minutes. Check for doneness with a toothpick.

Once baked, cool the cake in the pan for 15 minutes, then unmold and transfer to a wire rack. Wrap in plastic wrap and allow to sit overnight before serving or aging.