Heat the oil in a large pot over medium heat. Add onions and sauté until golden brown. Stir in garlic.
Mix in the paprika, caraway seeds, and tomato paste, cooking for another two minutes.
Add the beef cubes and cook until browned on all sides.
Add the bell peppers, bay leaves, beef broth, salt, and pepper. Bring to a boil, then reduce to a simmer.
Let the goulash simmer, covered, for about 2 to 3 hours, stirring occasionally.
Transfer everything to a slow cooker and cook on low for 6 to 8 hours.
Once prepared, serve your goulash piping hot, optionally garnished with a dollop of sour cream and sprinkled with fresh parsley.