First of all you should differentiate between bold / italic as tags and css styles.
Semantically i would use bold or italic tags. For the user it absolutley doesn't matter.
But i would guess smart use of semantical mark-up lifts overall text quality and is a very minor ranking factor.
So I use them all over a project not just for keywords.
Thank you all for clearing my mind. @Nargil I tried to find the resource and send the link here but as I too much read different blogs Im not able to get it.
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