Heat olive oil in a large pot over medium heat. Brown the beef cubes on all sides, then set aside.
In the same pot, add onions and cook until softened. Stir in garlic and bell peppers and cook for a few minutes.
Mix in tomato paste, sweet paprika, smoked paprika, and caraway seeds. Stir well until fragrant.
Return the beef to the pot and pour in beef broth. Bring to a boil, then reduce heat to low and simmer covered for 1.5 hours.
Stir in heavy cream and let the goulash cook uncovered for another 15 minutes until the sauce thickens.
Season with salt and pepper, garnish with parsley, and serve hot with bread, noodles, or potatoes.