Is there something wrong with my spin lock?

Here is my implementation of a spin lock, but it seems it can not protect the critical code. Is there something wrong with my implementation?

static __inline__ int xchg_asm(int* lock, int val) 
{
  int ret; 
  __asm__ __volatile__(
    LOCK "movl (%1),%%eax; 
    xchg (%1),%2; 
    movl %%eax, %0" :"=m" (ret) :"d"(lock), "c"(val)
  );
  return ret; 
}
void spin_init(spinlock_t* sl) 
{ 
  sl->val = 0; 
} 
void spin_lock(spinlock_t* sl) 
{ 
  int ret; 
  do { 
    ret = xchg_asm(&(sl->val), 1); 
  } while ( ret==0 ); 
}

void spin_unlock(spinlock_t* sl) 
{
  xchg_asm(&(sl->val), 0);
}