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Does any one know what this component is? - C521?

It is found in a variable temperature controlled soldering iron without feedback. It is about the size of an 1/8w resistor. The marking on the side says C53 or C531 (it's a bit smudged). The component symbol looks a bit like the pic below.

Picture of Does any one know what this component is? - C521?
Might be a varistor.
Need to see the context.