Begin by creaming together unsalted butter and granulated sugar in a large mixing bowl until the mixture is light and fluffy, about 3-4 minutes. Add in eggs, alongside vanilla and almond extracts, mixing until well incorporated.

In a separate bowl, whisk together all-purpose flour, baking powder, and salt. Gradually add this dry mixture to the wet ingredients, mixing gently until a soft dough forms.

Cover the dough with plastic wrap and refrigerate for at least 30 minutes.

Once chilled, scoop out portions of the dough, roll them into balls, and create a small indentation in each ball to hold the filling. Spoon in a dollop of peach preserves.

Roll each shaped cookie ball lightly in a blend of granulated sugar mixed with yellow food coloring, if desired.

Place the prepared cookies on a lined baking sheet, spacing them about 2 inches apart. Bake in your preheated oven for 12-15 minutes, or until the bottoms are golden brown.

Remove the cookies from the oven and let them cool on the baking sheet for about 5 minutes before transferring to a wire rack to cool completely.