How do I remove the UV grid from this image? I'm a beginner and just tried texture painting using this tutorial: Youtube video
At some point, I must have messed up. I applied the material and this is what I'm getting in render mode: 

This is the png file used in texture painting: 

How do I remove the grid thing? I want to have a metallic material and show these lines on top of it. So how can I remove the UV grid and show the lines on top of a new material?
This solution was provided by a user on irc channel #Blender named JA12.
Also, please read Mr Zak's comments on the question.