Cut the beef chuck into small cubes, about 2 cm/ 0.7 inches. Place them onto paper towels and pat them dry with more paper towels. Chop the onions very finely. Chop the pepper and the tomatoes as well.

Melt some of the lard (or oil) in a Dutch oven or heavy-bottomed stewing pot. Fry the beef cubes in 2 or 3 batches, depending on the size of your Dutch oven. Fry for about 5 minutes per batch or until nicely browned on all sides. Add more of the lard before each batch. Transfer the fried beef cubes to a plate and set them aside.

Add about 1 teaspoon more lard to the pot and fry the chopped onions until very lightly colored, about 5 minutes, stirring often and keeping an eye on them. If they threaten to catch, add a splash of water and continue cooking.

Add the garlic, chopped peppers, tomatoes, and bay leaves and cook for about 3-4 minutes, stirring a few times in between.

Add the paprika and caraway. Stir well for about 1 minute, add the tomato paste and stir well again. Add the meat cubes and the beef broth, stir well.

Cover the pot, bring to a boil, lower the heat and simmer the Hungarian beef goulash until the meat is very tender about 1 ½ – 2 hours. Check to make sure that the meat is really tender.

Uncover the pot and continue cooking the goulash for another 10-15 minutes until the sauce reduces and thickens slightly. Adjust the taste with salt and pepper.