Heat olive oil in a skillet over medium heat. Add the sliced onions and cook, stirring occasionally, until they are caramelized and golden brown, about 20-25 minutes.

In a mixing bowl, combine the caramelized onions, sour cream, mayonnaise, garlic powder, onion powder, salt, and black pepper. Mix well until smooth and creamy.

Cover the dip and refrigerate for at least 1 hour to allow the flavors to meld. Serve chilled, garnished with chopped chives.