I am not positive about this, but I believe the spelling of louro/loura with the “i” is a declining older spelling. And there are other similar (and quite related) cases: ouro/oiro (gold), dourado/doirado (golden). You can still hear the pronunciation with the “i”, possibly with the spelling too – I haven’t looked up the lyrics, in some of the older fados that were sung and recorded by late, great Amália Rodrigues.
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