Pat the beef chuck cubes dry and season generously with salt and black pepper. Heat a Dutch oven over medium-high heat and add vegetable oil. Brown the beef cubes for about 5-6 minutes on each side, then set aside.

Lower heat to medium and add chopped onions, sauté for 10-12 minutes until soft and golden brown.

Stir in sweet Hungarian paprika, tomato paste, and minced garlic. Cook for an additional minute.

Return beef to the pot, add beef broth and diced tomatoes, then bay leaves and caraway seeds if using. Bring to a boil, then simmer for 1.5 hours.

Add bell peppers, potatoes, and carrots. Adjust liquid if necessary and simmer for another 45-60 minutes until tender.

Remove bay leaves and let the goulash rest for 10 minutes before serving with fresh parsley and sour cream.