Preheat your oven to 350°F (175°C). Grease and flour a 10-inch bundt or tube pan.

In a large mixing bowl, cream together the softened butter and granulated sugar for about 3-5 minutes until light and fluffy.

Add the eggs one at a time, mixing well after each addition. Then add the vanilla extract and mix until combined.

In a separate bowl, whisk together the flour, baking powder, salt, cinnamon, and nutmeg (if using).

Gradually add the dry mixture to the creamed mixture, alternating with the milk. Start and finish with the flour mixture.

Fold in the sliced peaches gently.

Pour the batter into the prepared bundt pan and smooth it out. Bake in the preheated oven for 60-70 minutes until a toothpick comes out clean.

Allow the cake to cool in the pan for about 15 minutes, then invert to release it.

Let the cake cool completely on a wire rack, and dust with powdered sugar if desired.