Sear the Beef: In a large Dutch oven, heat 2 tablespoons of olive oil over medium-high heat. Add the stewing beef in batches, searing until browned on all sides, about 5-7 minutes per batch. Remove the beef and set aside.

Sauté the Aromatics: Reduce heat to medium, add more olive oil if needed. Add chopped onions and minced garlic, stir for about 5 minutes until softened and translucent.

Add Spices: Sprinkle in paprika, caraway seeds, oregano, and brown sugar. Stir for about 1 minute until fragrant.

Build the Broth: Add tomato sauce, balsamic vinegar, and beef broth. Bring to a gentle boil while scraping up any browned bits from the pot.

Slow Simmer: Return seared beef to the pot with bay leaves. Bring to a rolling boil, reduce heat to low, cover, and let simmer for about 2 hours.

Final Touches: Taste and adjust seasonings with salt and black pepper. Remove bay leaves and sprinkle fresh chopped parsley before serving.

Serve: Ladle the goulash into bowls and serve hot with sides like egg noodles, mashed potatoes, or crusty bread.