Blend gelatin and sugar in a saucepan.
Mix in water; stir over low heat until gelatin and sugar are dissolved.
Remove from heat and stir in the grape juice and lemon juice.
Chill until mixture is the consistency of thick, unbeaten egg white.
Arrange half of the sliced peaches and raspberries in a 1 1/2 quart ring mold.
Spoon half of the chilled gelatin over fruit.
Arrange the remaining fruit in the mold and spoon remaining gelatin over fruit.
Chill until firm.
Unmold onto a chilled serving plate.