In medium saucepan combine vinegar, sugar, raisins, ginger, garlic, mustard seeds, salt and red pepper. Bring to a boil, stirring frequently until sugar is dissolved.
Reduce heat and simmer 10 minutes. Add chopped peaches. Bring to a boil. Boil, stirring occasionally, 10 minutes or until sauce is thickened.
Store into refrigerator up to 1 month. Makes about 3 cups.