this seems to be a working solution:
mysql> update test set col2=col2+0.1 where col1=1 and abs(col2)<1;
when the value of col2 reaches 1 it stops being augmented
mysql> update test set col2=col2+0.1 where col1=1 and abs(col2)<1;
Query OK, 0 rows affected (0.00 sec)
Rows matched: 0 Changed: 0 Warnings: 0
mysql> select * from test;
+----+--------+
| col1| col2 |
+----+--------+
| 1 | 1 |
+----+--------+