01 - Preheat oven to 325°F. Generously grease and flour a 12-cup bundt pan or tube pan, ensuring all surfaces are coated to prevent sticking.
02 - In a medium bowl, combine sliced peaches, brown sugar, cinnamon, and nutmeg. Toss gently to coat peaches evenly. Set aside to allow flavors to meld.
03 - In a large mixing bowl, beat softened butter and granulated sugar together on medium-high speed until light and fluffy, approximately 3-4 minutes. The mixture should appear pale and increased in volume.
04 - Add eggs one at a time, mixing thoroughly after each addition until fully incorporated. Blend in vanilla extract and almond extract until combined.
05 - In a separate bowl, whisk together all-purpose flour, baking powder, salt, ground cinnamon, and ground nutmeg until evenly distributed.
06 - Gradually add dry ingredients to butter mixture in three additions, alternating with sour cream in two additions. Begin and end with dry ingredients. Mix only until just combined to avoid overdeveloping gluten.
07 - Gently fold diced peaches into batter using a spatula, taking care not to overmix.
08 - Spoon half the batter into prepared pan, spreading evenly. Arrange reserved peach filling over batter in an even layer. Top with remaining batter and smooth surface with spatula.
09 - Bake for 1 hour to 1 hour 10 minutes, or until a wooden toothpick inserted in center comes out clean or with few moist crumbs. Cake should be golden brown and pulling slightly from pan edges.
10 - Allow cake to cool in pan for 20 minutes. Carefully invert onto wire rack and remove pan. Let cool completely before glazing.
11 - In a small bowl, whisk powdered sugar, 2 tablespoons milk, and vanilla extract until smooth. Add additional milk if needed to reach desired consistency.
12 - Drizzle vanilla glaze evenly over completely cooled cake. Allow glaze to set for 10-15 minutes before slicing and serving.