01 - Preheat oven to 325°F. Grease and flour a 12-cup bundt pan or tube pan thoroughly to prevent sticking.
02 - In a bowl, toss the sliced peaches for the filling with brown sugar, cinnamon, and nutmeg until evenly coated. Set aside to macerate while preparing the batter.
03 - In a large bowl, beat softened butter and granulated sugar together on medium speed until light and fluffy, approximately 3–4 minutes.
04 - Add eggs one at a time, mixing thoroughly after each addition until fully incorporated. Blend in vanilla and almond extracts until combined.
05 - In a separate bowl, whisk together flour, baking powder, salt, ground cinnamon, and ground nutmeg until evenly distributed.
06 - Gradually add dry ingredients to the butter mixture, alternating with sour cream in three additions. Begin and end with flour mixture. Mix only until just combined to avoid overworking the batter.
07 - Gently fold the diced peaches into the batter using a spatula, being careful not to overmix.
08 - Spoon half of the batter into the prepared pan, spreading evenly. Arrange the reserved peach filling over the batter layer. Top with remaining batter and smooth the surface with an offset spatula.
09 - Bake for 60 to 70 minutes, or until a wooden toothpick inserted in the center emerges clean or with moist crumbs only.
10 - Allow cake to cool in the pan for 20 minutes. Carefully 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 reached. Adjust milk as needed.
12 - Drizzle the vanilla glaze evenly over the completely cooled cake. Slice and serve, optionally with whipped cream or vanilla ice cream.