Prepare cake batter according to package directions. Stir in nuts, cinnamon, nutmeg, cloves and beat with mixer on high for 2 minutes. Pour batter into greased and floured 10 inch springform pan. Arrange peach slices on top of batter and bake at 350 degrees 45 to 55 minutes or until toothpick inserted in center comes out clean.
While cake is baking, in small saucepan pour in apricot preserves and brown sugar. Bring just to boil, stirring occasionally, reduce heat and simmer for 5 minutes. Remove from heat and let cool.
When cake is cool remove sides of springform pan and transfer to large cake plate. Pour cooled apricot mixture over cake. Cut and serve. Refrigerate leftovers.