Combine sugar, vinegar and raisins in heavy non-aluminum saucepan. Wrap cloves and cinnamon in cheesecloth and add to pan. Cook over low heat, swirling pan occasionally, until sugar dissolves. Increase heat; cover and simmer 10 minutes. Add peaches and simmer, uncovered, until mixture is reduced to 1-1/2 cups, skimming surface and stirring occasionally, 30-40 minutes. Cool glaze to room temperature. Cover and refrigerate for 2 days.

 

Bring glaze to room temperature and discard spice bag before using. Use to baste 16 to 18 lb fully cooked, bone-in ham with 2 cups chicken broth.