1. In a large saucepan, combine tomatoes, sugar, 1/2 cup peach preserves, ketchup, chili sauce, both vinegars, molasses, and Worcestershire sauce, stirring after the addition of each ingredient to combine. Add chipotle powder and bring to a simmer over medium heat; simmer until flavors have blended and sauce has thickened slightly, about 30 minutes.

2. Remove sauce from heat and let cool slightly. Using an immersion or regular blender, puree sauce. Add remaining 1/4 cup peach preserves and season with salt. Let stand for 5 minutes and stir again. Let cool completely. Sauce may be kept refrigerated, in an airtight container, for up to 2 weeks.