warm (110 f to 115f)
yeast, active dry
Place warm milk in a medium mixing bowl. Sprinkle yeast over milk. Add ½ cup flour. Beat with a large spoon about 1 minute. Cover and let rise in a warm place until almost double (40 minutes).
In a large mixer bowl beat butter and sugar until light and fluffy. Add the eggs, one at a time, mixing well after adding each. Stir in yeast mixture, raisins, currants, orange peel and salt. Gradually stir in the remaining 3½ cups flour.
Lightly grease and flour a 9-cup gugelhupf mold or 12-cup fluted tube pan. Arange whole almonds in a design in the bottom of the pan. Carefully spoon batter over almonds. Cover and let rise in a warm place until almost double (about 1 hour). Bake in a 350℉ (180℃) oven about 40 minutes. If necessary cover top with foil the last 15 minutes of baking time to prevent over browning. Remove from pan. Cool on wire rack.
Before serving, sift powdered sugar over cake.