Preheat your oven to 180°C (350°F).

Season the beef chuck generously with salt and black pepper and let it sit at room temperature for about 15 minutes.

In a large Dutch oven, heat olive oil and butter. Sauté onions for 6-8 minutes until golden.

Increase heat to medium-high and brown the beef in batches for 3-4 minutes on each side.

Add garlic, bell peppers, and tomatoes; sauté for 3-4 minutes until tomatoes soften.

Sprinkle in paprika, caraway seeds (if using), and bay leaf. Cook for 30 seconds.

Pour in the beef stock, bring to a simmer, then cover and transfer to the oven for 1.5 hours.

Stir in carrots and potatoes, cover, and return to oven for an additional 30-40 minutes.

Taste and adjust seasoning with salt and pepper. Let rest for 10 minutes before serving.

Serve the goulash garnished with parsley and enjoy!