Pat the beef cubes thoroughly dry with paper towels. Season generously all over with salt and black pepper.

Heat the olive oil in a large Dutch oven over medium-high heat. Once shimmering, add the beef in a single layer, working in batches to avoid overcrowding the pan. Sear until deeply browned on all sides, about 5-7 minutes per batch. Transfer the seared beef to a plate and set aside.

Reduce the heat to medium and add the chopped onions to the pot. Cook, stirring occasionally, until they are soft and have started to caramelize, about 10-15 minutes. Add the minced garlic and cook for another minute until fragrant.

Stir in the tomato paste, sweet paprika, dried marjoram, and caraway seeds. Cook, stirring constantly, for 1 minute to toast the spices and deepen the tomato flavor.

If using, pour in the red wine to deglaze, scraping up any browned bits from the bottom of the pot with a wooden spoon. Allow the wine to simmer and reduce by about half. Return the seared beef and any accumulated juices to the pot. Add the beef broth and the bay leaf, stirring to combine.

Bring the mixture to a gentle simmer. Once simmering, reduce the heat to low, cover the pot, and let it cook for 2.5 to 3 hours. Stir occasionally. The goulash is ready when the beef is fork-tender and falls apart easily.

Remove the bay leaf. Taste and adjust seasoning with more salt and pepper if needed. If the sauce is thinner than you'd like, you can let it simmer uncovered for an additional 15-20 minutes to reduce and thicken. Serve hot, garnished with fresh parsley.