01 - Preheat oven to 325°F. Grease and flour a 12-cup bundt pan or tube pan thoroughly.
02 - Toss the sliced peaches with brown sugar, cinnamon, and nutmeg in a bowl. Set aside to macerate while preparing the batter.
03 - Beat butter and granulated sugar together in a large bowl until light and fluffy, approximately 3-4 minutes.
04 - Add eggs one at a time, mixing thoroughly after each addition. Blend in vanilla and almond extracts until fully incorporated.
05 - Whisk together flour, baking powder, salt, cinnamon, and nutmeg in a separate bowl until evenly distributed.
06 - Gradually add dry ingredients to the butter mixture, alternating with sour cream. Begin and end with flour mixture, mixing until just combined.
07 - Gently fold diced peaches into the batter using a spatula, being careful not to overmix.
08 - Spread half the batter into the prepared pan. Arrange the reserved peach filling evenly over the batter. Top with remaining batter and smooth the surface.
09 - Bake for 1 hour to 1 hour 10 minutes, until a toothpick inserted in the center emerges clean.
10 - Allow cake to cool in the pan for 20 minutes. Invert onto a wire rack and cool completely before glazing.
11 - Whisk powdered sugar, milk, and vanilla extract in a small bowl until smooth and drizzling consistency is achieved.
12 - Drizzle the prepared glaze evenly over the completely cooled cake. Slice and serve.