01 - Preheat oven to 325°F. Thoroughly 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 thinly sliced peaches with brown sugar, cinnamon, and nutmeg. Toss gently to coat and set aside.
03 - Using a stand mixer or hand mixer, beat softened butter and granulated sugar on medium-high speed for 3-4 minutes until pale, light, and fluffy.
04 - Add eggs one at a time, beating well after each addition. Scrape down the bowl as needed. Mix in vanilla and almond extracts until fully incorporated.
05 - In a separate bowl, whisk together flour, baking powder, salt, cinnamon, and nutmeg until evenly distributed.
06 - Gradually add the dry ingredients to the butter mixture, alternating with sour cream. Begin and end with the flour mixture. Mix only until just combined to avoid overdeveloping gluten.
07 - Gently fold the diced peaches into the batter using a spatula, taking care not to overmix.
08 - Spread half the batter evenly in the prepared pan. Layer the spiced peach filling over the batter. Top with remaining batter and smooth the surface with an offset spatula.
09 - Bake for 1 hour to 1 hour 10 minutes until a toothpick inserted in the center comes out clean or with moist crumbs. If the top browns too quickly, tent with foil.
10 - Let the cake 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. Adjust consistency with additional milk if needed.
12 - Drizzle the glaze over the completely cooled cake. Let set for 10 minutes before slicing and serving.