Heat olive oil in a skillet over medium heat.
Add chopped onions and sauté for about 10 minutes until translucent.
Reduce heat to low and cook for another 20 minutes, stirring occasionally.
Remove from heat and let the onions cool slightly.
In a bowl, combine sour cream and mayonnaise.
Add garlic powder, onion powder, salt, and pepper to the mixture.
Stir in the cooled caramelized onions until well combined.
Transfer the dip to a serving bowl.
Garnish with fresh chives before serving.