In a small heavy saucepan, heat milk to 175°; stir in confectioners' sugar until dissolved. Whisk a small amount of hot mixture into egg yolks. Return all to the pan, whisking constantly. Add lemon zest.
Remove from the heat. Stir in extract. Cool quickly by placing pan in a bowl of ice water; stir for 2 minutes. Stir in the peaches, cream and almonds. Press waxed paper onto surface of custard. Refrigerate for several hours or overnight.
Fill cylinder of ice cream freezer two-thirds full; freeze according to manufacturer's directions. Refrigerate remaining mixture until ready to freeze. When ice cream is frozen, transfer to a freezer container; freeze for 2-4 hours before serving.