1. In a saucepan simmer,over medium heat, the sugar, balsamic vinegar and peppercorn. When the mixture is reduced in half and becomes thicker remove from heat.
2. Preheat grill to medium-high heat and lightly oil cooking grates.
3. Place peaches on the grill with the peel side up. Grill for five minutes or until the peach is caramelized. Turn the peaches and coat the top with the balsamic vinegar mixture. Grill for another 2-3 minutes.
4. Serve with remaining balsamic vinegar mixture poured over the peaches.

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