01 - Preheat oven to 325°F. Grease and flour a 12-cup bundt pan or tube pan thoroughly.
02 - Toss the sliced peaches for the filling with brown sugar, cinnamon, and nutmeg in a bowl. Set aside.
03 - In a large bowl, cream butter and sugar together until light and fluffy, about 3-4 minutes.
04 - Add eggs one at a time, mixing well after each addition. Mix in vanilla and almond extracts.
05 - In a separate bowl, whisk together flour, baking powder, salt, cinnamon, and nutmeg.
06 - Gradually add dry ingredients to the butter mixture, alternating with sour cream, beginning and ending with flour. Mix until just combined.
07 - Gently fold in diced peaches until evenly distributed throughout the batter.
08 - Spoon half of the batter into the prepared pan. Layer the reserved peach filling on top. Spoon in remaining batter and smooth the top.
09 - Bake for 1 hour to 1 hour 10 minutes, or until a toothpick inserted in the center comes out clean.
10 - Cool in the pan for 20 minutes, then invert onto a wire rack to cool completely.
11 - Whisk powdered sugar, milk, and vanilla in a small bowl until smooth. Drizzle over the cooled cake before serving.