Preheat oven to 350 degrees F.

Butter and flour a standard size glass loaf pan.

In a large bowl, or in a stand mixer with the paddle attachment, beat butter until smooth then add both sugars and beat to combine.

Add in one egg at a time and beat, then add milk and extract and beat again.

In a separate medium bowl, whisk flour, baking powder, cinnamon, nutmeg and allspice.

Stir dry into wet.

Fold in peaches and nuts and scrape into the prepared pan.

Bake for 55-60 minutes or until a toothpick comes out clean and the top bounces back when touched. If you take it out too early, the center will sink as it cools. Our bread baked for exactly 58 minutes.

While the bread is baking, puree one peach with an immersion blender that has stone and skin removed. Puree just until the peach is in small pieces, about rice size. Set aside.

In a medium bowl, mix powdered sugar with melted butter and extract then add the pureed peach. If the mixture is too runny, add more powdered sugar. It should pour out of the bowl when tipped but not be watery.

Cool the bread on a wire rack until room temperature then cover with half the glaze. Dust the top with powdered sugar.

To serve, slice into 8, 10 or 12 slices then top each piece with the remaining glaze as you serve.