Remove skin and excess fat from ham. Score fat on ham in a diamond pattern. Place the ham, fat side up, in a heavy-duty aluminum foil-lined roasting pan.

Stir together peach preserves and next 3 ingredients; pour mixture evenly over ham.

Bake at 325° for 1 1/2 hours or until a meat thermometer inserted in ham registers 140°, basting every 20 minutes. Shield with foil after 30 minutes to prevent excess browning. Let stand 10 minutes before slicing.