Modified version of a Gourmet magazine recipe (search for Braised Ham with Maple-Raisin Sauce on epicurious). The original version was a smash; this is a slightly sweeter version requested by my father. :)
Put ham cut side down in a large deep heavy pot (about 10 quarts) and add water and syrup. Bring liquid to a boil, then reduce heat to low and gently simmer ham, covered, until tender, 2 to 2 1/2 hours. Uncover and cool slightly.
Preheat oven to 350°F.
When ham is cool enough to handle, remove from pot, reserving cooking liquid, then cut off any rind and excess fat, leaving a thin layer. Transfer ham to a roasting pan.
Drain peaches. Reserve 1/2 to 1 cup of the light syrup.
Whisk together sugar, mustard, peach syrup, and ground cloves, if using, in a bowl, then spoon over ham. Warm preserves until just runny (35-40 seconds in the microwave) and pour over ham as well. Attach peaches to ham with wooden toothpicks. Add 2 cups reserved cooking liquid to roasting pan and bake in middle of oven, basting occasionally, until ham is glazed and juices are bubbling, 30 to 40 minutes. Serve warm or at room temperature.