Heat the olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Season the beef cubes generously with salt and black pepper.

Brown the beef in batches to avoid overcrowding the pan, cooking for about 5 minutes per batch until nicely seared on all sides. Transfer the browned beef to a plate and set aside.

Lower the heat to medium and add the finely chopped onions to the pot, scraping up any browned bits from the bottom. Sauté the onions for 15 to 20 minutes until they are very soft, translucent, and slightly caramelized.

Stir in the minced garlic, sweet paprika, smoked paprika, and tomato paste. Cook for 1 to 2 minutes until the spices are highly fragrant and the tomato paste deepens in color.

Pour in the red wine to deglaze the pot, stirring well to lift the remaining fond from the bottom. Let the wine simmer and reduce by half, which should take about 3 to 4 minutes.

Return the seared beef and its resting juices to the pot, then pour in the beef broth and add the bay leaves. Bring the mixture to a gentle boil.

Reduce the heat to low, cover the pot tightly, and let it simmer gently for 1.5 to 2 hours, or until the beef is easily pierced with a fork and the sauce has naturally thickened.

Remove the bay leaves, taste for seasoning, and adjust with more salt or pepper if needed. Ladle the hot goulash over your choice of creamy polenta or noodles, and garnish with fresh chopped parsley before serving.