Preheat the oven to 160 degrees C. Lightly grease a 20cm round cake tin and line the base and sides with nonstick baking paper.
Sift the ﬂour and baking powder together into a bowl. In another bowl, beat the butter with the sugar until light and ﬂuffy.
Gradually add the eggs, a little at a time, to the butter-sugar mixture, beating well after each addition. Add a little of the ﬂour if the mixture begins to curdle. Then add the remaining ﬂour and fold in gently.
Stir in enough sherry or milk to mix the batter to a soft, dropping consistency. Fold in the currants, sultanas, cherries, candied citrus peel, ground almonds and grated rinds. Spoon the mixture into the prepared tin and level the top with the back of a spoon. Arrange the blanched whole almonds in concentric circles on top of the cake, dropping, not pressing them, lightly in place.
Bake the cake in the centre of the oven for 2 1/4 – 2 1/2 hours, or until it is firm to the touch and a skewer inserted into the centre comes out clean. After 1 hour of baking, cover the top with foil to prevent the almonds from overbrowning. Leave to cool in the tin and then store in an airtight container.
The Dundee cake will mature and develop in ﬂavour if it is kept for two to three days before cutting and serving.