I recently bought a fender Sq vintage mod jaguar and have had trouble with buzz or humming when not touching ant metal part on the guitar ... Is it worth returning my guitar and getting a new one or will I just get it repaired?? (Buzz or humming remains when touching the strings??)
Do you mean feedback while muting the strings, and while the amplifier is set to high volume? If all of these are true, I think this may be microphonic feedback. In other words, some slighy loose coil windings in a pickup is vibrating at high volumn and inducing a squealing signal.
Does this happen with only one pickup selected, or all of them?
If necessary the offending pickup can be taken out and dipped in wax to prevent this problem. Make sure you research this carefully first though as the wire is very fragile!
As for returning - only if Squier normally dip these pickups to prevent microphony. If they normally don't do this, then yours may not have been done properly. You might like to talk with the dealer and see if this is regarded as a fault. I saw this once (on a cheap guitar I used to have), it was only when using extremely high gain, so I just ignored it.
This is a pretty common problem in cheap guitars (and even some not quite so cheap ones...). The reason is insufficient electrostatic shielding, i.e. any interference from fluorescent lights and whatnot can happily bleed right into the signal wires in the guitar. The reason this disappears when you touch the strings or bridge: thereby you connect your body to the guitar's ground level, thus turning your belly into a (rather crude!) EM shield.
Really, this is just a horrible feat of sloppiness by the manufacturers; but alas, they can get away with it. Any decent guitar should be internally shielded; this can be done either by cladding the interior with metal foil (you can do that yourself!) or by fully encasing all pots and using only coax cables between them.
An alternative is to use active electronics. The low impedance makes the circuitry itself much more stable to interference. (Shielding is still not a bad idea...)