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.