Preheat your oven to 350°F (175°C) and grease a 10-inch bundt or tube pan with butter or cooking spray.

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

Add the eggs one at a time, mixing well after each addition, then pour in the vanilla extract and mix briefly until combined.

In a separate bowl, whisk together the flour, baking powder, salt, and optional spices.

Gradually add the dry ingredients to the creamed mixture, alternating with the milk, mixing until just combined.

Gently fold in the sliced peaches to maintain their shape.

Pour the batter into the prepared pan, smoothing the top with a spatula.

Bake in the preheated oven for 60-70 minutes, or until a toothpick inserted comes out clean.

Allow the cake to cool in the pan for 15 minutes before inverting onto a wire rack.

After cooling, dust with powdered sugar and serve warm, optionally with vanilla ice cream.