01 - Preheat oven to 325°F. Generously grease and flour a 12-cup bundt pan or tube pan, ensuring all crevices are coated to prevent sticking.
02 - In a medium bowl, combine the sliced peaches, brown sugar, cinnamon, and nutmeg. Toss gently to coat the peaches evenly. Set aside to macerate while preparing the batter.
03 - In a large mixing bowl, beat the softened butter and granulated sugar together on medium-high speed until light, fluffy, and pale in color, approximately 3-4 minutes.
04 - Add eggs one at a time, beating well after each addition until fully incorporated. Mix in the vanilla and almond extracts until combined.
05 - In a separate bowl, whisk together the flour, baking powder, salt, cinnamon, and nutmeg until evenly distributed.
06 - Gradually add the dry ingredients to the butter mixture, alternating with the sour cream. Begin and end with the flour mixture, mixing on low speed until just combined. Do not overmix.
07 - Gently fold the diced peaches into the batter using a spatula, taking care not to overmix.
08 - Spoon half of the batter into the prepared pan, spreading evenly. Layer the reserved peach filling over the batter. Top with the remaining batter and smooth the surface with an offset spatula.
09 - Bake for 1 hour to 1 hour and 10 minutes, or until a wooden toothpick inserted into the center comes out clean or with just a few moist crumbs.
10 - Allow the cake to cool in the pan for 20 minutes. Carefully invert onto a wire cooling rack and let cool completely before glazing.
11 - Whisk together the powdered sugar, 2 tablespoons of milk, and vanilla extract in a small bowl until smooth. Add additional milk, 1 teaspoon at a time, until desired drizzling consistency is reached.
12 - Drizzle the vanilla glaze over the completely cooled cake. Allow glaze to set for 10-15 minutes before slicing and serving.